The landlord of 21 - 33 Irving properties in Manhattan is suing multiple partners to terminate a lease on the property . Signed in 2016 , the lease was backed by a guaranty that WeWork ’s holding company was worth more than $ 150 m . The landlord claims they were notified in June that as a result of a reorganisation of the company , the lease was now backed by a new entity known as WeWork Companies LLC , and that recent financial reports in the media cast doubt on the viability of this entity and whether the substitute backer has a network of $ 150 m or more . The case signals growing unease among WeWork stakeholders fueled by cash flow since the company filed for its IPO due to The Real Deal .
The owner of 21-33 Irving Place in Manhattan is suing WeWork aiming to terminate a lease on the property. Signed in 2016, the lease was backed by a guaranty that WeWork’s holding company was worth more than $150m. The landlord claims they were notified in June that as a result of a reorganisation of the company, the lease was now backed by a new entity known as WeWork Companies LLC, and that recent financial reports in the media cast doubt on the viability of this entity and whether the substitute backer has a network of $150m or more. The case signals growing unease among WeWork stakeholders prompted by news flow since the company filed for its IPO according to The Real Deal.