WeWork Seeks to Drop One Lincoln Lease

WeWork Seeks to Drop One Lincoln Lease

Image courtesy of Williams New York

One Lincoln owner Fortis Property Group faces another big office vacancy to fill if a bankruptcy court approves WeWork’s motion to reject the lease on its 241,000-square-foot co-working center.

The coworking giant submitted a motion to cancel its lease at One Lincoln, the largest of its Boston locations, on Friday. The landlord and other parties have 10 days to file objections with the U.S. Bankruptcy Court in the District of New Jersey.

The shared workspace provider is seeking to emerge from Chapter 11 bankruptcy protection by May 31. It’s been negotiating concessions with some property owners and recently reported more than $8 billion in savings as a result of those discussions.

A WeWork spokesperson told Bisnow it was unable to reach an agreement with Fortis Property Group on lease modifications at One Lincoln, and is preparing to communicate with members on the future of the location near South Station. Fortis was not immediately available for comment.

WeWork previously notified the court of its plans to drop its leases at 711 Atlantic Ave., 100 Summer St. and 40 Water St. in Boston.

The One Lincoln filing would leave WeWork with six locations in Boston. At one point, WeWork leased 900,000 square feet in Boston and Cambridge. WeWork had $2.9 billion in debt at the time of its bankruptcy filing in November.

In 2022, One Lincoln owner Fortis Property Group signed HarbourVest to a 250,000-square-foot lease in 2022, filling about half of the space vacated by State Street Corp. during its headquarters move to One Congress at Bulfinch Crossing. One Lincoln also is adding law firm Sherin and Lodgen as a new single-floor tenant in a lease signed in late 2023.

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WeWork Seeks to Drop One Lincoln Lease

Image courtesy of Williams New YorkO…