Brazil’s HBR Realty files eviction action against WeWork, Real Estate News, ET RealEstate
SAO PAULO: Brazilian real estate firm HBR Realty said on Tuesday it has filed an eviction action against WeWork due to lack of payment, although the flexible workspace provider denied knowing about such a notice.
The eviction action followed a “breach of the lease agreement” signed between WeWork and SPE HBR1, a unit of HBR, for the rental of the HBR Corporate Faria Lima building in Sao Paulo, HBR said in a securities filing.
HBR did not detail how much WeWork owed it but said it had sent notices to the company requesting immediate payment of overdue rent.
In a response to a Reuters request for comment, the workspace provider said it was not aware of any eviction notice and that it was fully operating in all of its buildings in Brazil.
“Negotiations are already resulting in agreements with our landlords and we remain committed to providing the excellent service our members expect,” WeWork said.
Brazilian media reported in July that WeWork hired law firm Alvarez & Marsal to help restructure its business in Brazil, after the U.S.-based firm received approval for a Chapter 11 bankruptcy plan in May.
