WeWork Inc., the embattled coworking giant navigating a bankruptcy, is keeping a Manhattan office spot largely leased to Amazon.com Inc. through a deal that includes reduced rent and a shortened lease term, Bloomberg News reported. WeWork reached a new agreement with its landlord for its space at 1440 Broadway, according to a filing Tuesday. The firm will continue to operate 300,000 square feet (28,000 square meters) spanning 10 floors at the building. The court will still need to approve the agreement. WeWork’s bankruptcy filing in early November set off a tense process surrounding many of the coworking firm’s leases, many of which the company sought to cancel or renegotiate. So far, WeWork has canceled around 70 of those contracts and expects to request more in the coming weeks, Steven Serajeddini, an attorney with Kirkland & Ellis who represents the company, said in a bankruptcy hearing on Monday. Once the biggest private office tenant in Manhattan, the company immediately nixed dozens of leases in New York City upon filing for bankruptcy. Some landlords have objected to the company’s plans to shut down many of its locations. Although in recent weeks, several of them have withdrawn formal objections through court filings.
