In The Loop: Knotel, WeWork, And Ucommune

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Knotel was hit with a new lawsuit over unpaid rent this week.

Knotel Hit With Another Lawsuit

Knotel’s legal woes continue to mount. This week, the flexible workspace provider was hit with another lawsuit over unpaid rent, The Commercial Observer reported. According to the report, Knotel now owes New York City landlords nearly $2.8 million in unpaid rent. The latest landlord to sue the company is CIM Group, which accused the flexible workspace company of paying only $213,733.50 of the $554,796.47 it owes in back rent. Knotel’s first lawsuit over unpaid rent was made on June 22, 2020; it has since accumulated at least 8 more lawsuits. 

WeWork to Close Coworking Location in Durham

Bizjournals reported this week that WeWork plans to close one of its coworking locations in downtown Durham. According to reports, the company will vacate three floors of office space by the end of this year. WeWork signed its lease for this particular location just 2 years ago. The company has been consolidating its portfolio over the past year as it struggles financially. WeWork’s other location in Durham will remain open and the coworking company has invited members to relocate to its 58,000 square foot location in One City Center. 

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    Ucommune and Orisun Receive $53 Million in Investment Commitments

    CXTech reported this week that “Nasdaq-listed special purpose acquisition company Orisun Acquisition and China’s biggest shared workspace provider, Ucommune International Ltd, have received $53 million in backstop investment commitments from 14 investors.” Orisun originally agreed to acquire Ucommune in June of this year, and the companies expect the merger to close in Q4 of this year. News of the merger emerged shortly after Ucommune’s IPO prospectus failed due to “unrealistic IPO valuations.”

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