The manager of Prime US REIT says it is currently in discussions with a wholly-owned subsidiary of WeWork on the resolution of its lease obligation at Tower 1 at Emeryville.

WeWork currently occupies 56,977 sq ft of space within the REIT’s 3.89 million sq ft portfolio and contributes 2.5% of its cash rental income as at June 30.

Emeryville is a city located in northwest Alameda Country in California.


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The statement, on Sept 13, comes as the local San Francisco press reported that WeWork will be closing its co-working operation at the building.

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According to the manager, the REIT is protected under the terms of its contract, which will cover the tenant’s monthly lease obligations through as far as end-2022.

As at 9.50am, units in Prime US REIT are trading flat at 86 US cents.

Photo: Prime US REIT