BALTIMORE, MD – Self-managed REIT, Armada Hoffler Properties Inc. and WeWork have mutually agreed to terminate WeWork's lease at the mixed-use building of Wills Wharf in Baltimore's Harbor Point neighborhood.
Following discussions between the two companies, both parties agreed to terminate WeWork's lease, prior to Armada Hoffler Properties funding of tenant improvements.
WeWork previously secured and was set to occupy 69,000 square feet of space at the waterfront location; comprising the top two office floors of the 12-story property.
"As we refocus on our core business and work with our landlord partners around the world to optimize our real estate portfolio, WeWork has decided to terminate its planned lease at Wills Wharf," said Dave McLaughlin, WeWork's general manager for the Atlantic. "We are grateful to Armada Hoffler Properties for their ongoing partnership throughout this process to find a solution that worked for everyone involved."
Armada Hoffler Properties is currently involved in negotiations to lease the development, which consists of more than 325,000 square feet of class A office, retail and boutique hotel space. Initial tenants of the property include the owner and operator of a Canopy by Hilton hotel, Ernst & Young, Jellyfish and Bright Horizons.
"We are pleased to have reached a mutually beneficial outcome with WeWork regarding the top two office floors of Wills Wharf," said Louis Haddad, Armada Hoffler Properties president and CEO. "With its prime waterfront location in Harbor Point, we are in active negotiations to lease the balance of the building, inclusive of the 69,000 square feet that WeWork was to occupy. Wills Wharf is a prime destination for office tenants looking to upgrade their space and relocate to the dynamic Harbor Point neighborhood. We appreciate the cooperation and collaboration with WeWork in finding an optimal business solution at this location."
Last week, the co-working company separately terminated its full-building, 115,000-square-foot lease at 149 Madison Ave. in New York City.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
