A High Court judge has ruled in favor of WeWork in the first phase of its legal dispute with property developer Almacantar over its flagship London location, according to CoStar.ย
The case centers on WeWorkโs lease at Two Southbank Place, a 300,000 sq ft office building in central London, where the company has been based since 2019.
Almacantar had filed a claim alleging that WeWork breached its lease after its U.S. guarantor, a special-purpose vehicle, went bankrupt following WeWorkโs Chapter 11 filing in 2023. The developer argued that the lease should be terminated as a result.ย
However, on January 8, 2025, the High Court dismissed the forfeiture claim brought by SBP 2 S.A.R.L., a Luxembourg-based company part of the Almacantar group. This ruling applies to one of two lease forfeiture claims in the ongoing legal battle.
WeWork expressed confidence following the court’s decision, stating it had anticipated the outcome. The company remains optimistic about winning the second forfeiture case, which is still in progress.
The dispute also involves significant financial investments: WeWork has spent over ยฃ50 million to fit out the office, while Almacantar contributed ยฃ36 million. Despite the ongoing legal challenges, WeWork assured that operations at the London location would continue without disruption, emphasizing that its members could expect the usual services and amenities.
The lease agreement stipulates an annual rental fee of ยฃ20 million for the space, which has become a key location for WeWork’s operations in the capital.
