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Brazil’s HBR Realty has filed an eviction action against flexible workspace provider WeWork, citing a breach of lease agreement by failure to pay rent for the HBR Corporate Faria Lima building in São Paulo.
A securities finding reveals the eviction action comes after repeated attempts from HBR to collect overdue rent from WeWork. The firm did not disclose the exact amount owed, but confirmed the issuance of several notices demanding immediate payment.
WeWork, which has strategically been pivoting away from its Chapter 11 Bankruptcy following massive lease negotiations, denied any knowledge of such an eviction notice and maintains the firm remains operational at all of its locations in Brazil.
Reuters reports that the action arrives after WeWork enlisted the services of Alvarez & Marsal, a law firm that also assisted with its U.S. bankruptcy, to assist in restructuring its Brazilian operations in July.
Deskmag reports that WeWork has over 500 locations worldwide. In Latin America, WeWork operates properties in Brazil, Mexico, Colombia, Argentina, Chile, Costa Rica, and Peru.
Due to its size and influence on the coworking industry, the eviction could not only affect the immediate stakeholders and parties involved, but also the broader coworking sector in Brazil. Other firms may face increased scrutiny from landlords and investors — potentially leading to more stringent lease agreements and financial requirements.
