Regus Adds 6 NYC Locations to Chapter 11 Filing
The Real Deal reported this week that Regus has “put half a dozen of its New York City workcenters into bankruptcy as the company seeks Chapter 11 protection for upwards of 100 locations across the country.” Over the past six weeks, the company has added around 90 locations to its Chapter 11 filing. In a recent interview, Mark Dixon, CEO of Regus’ parent company, IWG, said “the firm will be accelerating its plan to trim 4 percent of its global portfolio in response to Covid-19.”
Knotel’s Legal Woes Mount with New Lawsuit
Bizjournals reported this week that lawsuits are stacking up against Knotel. According to reports, “landlord Hudson Pacific Properties sued the company Wednesday over unpaid rent at a South of Market office building where Knotel has leased space since 2018. Hudson Pacific is seeking damages in excess of $393,498.” The lease for that building is set to expire in April of 2027, but just 2 years in the flexible workspace provider is having a hard time making rent. The new suit adds to Knotel’s already mounting legal battles with landlords in New York, Los Angeles, and Atlanta.
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The Executive Centre Reports Revenue Growth in South Asia
Flexible workspace provider, The Executive Centre, reported this week that its revenue in south Asia had grown by 18% in the first half of 2020. According to reports, the company reported $21 million in revenue and occupancy of 89% throughout the region. Global revenue for the company was up 5% despite the COVID-19 pandemic, and the number of workstations occupied as of June, 2020 increased by 14% compared to 2019. The company reported seeing strong demand for flexible space from domestic companies, which has helped the company recover from the pandemic’s impact.
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