Armada Hoffler Properties and WeWork Mutually Agree to Terminate Wills Wharf Office Lease in Baltimore
Armada Hoffler Properties (NYSE: AHH) has announced the termination of WeWork's lease for the top two office floors of Wills Wharf, prior to any tenant improvements. Both parties reached a mutually beneficial outcome, enabling Armada Hoffler to pursue leasing the remaining 69,000 square feet of space. Wills Wharf, located in Baltimore's Harbor Point, features over 325,000 square feet of prime mixed-use space. The company expresses optimism in finding new tenants to fill the space, highlighting the building's attractive location amidst Baltimore’s urban renaissance.
- Termination of WeWork lease allows Armada Hoffler to seek new tenants for 69,000 square feet of office space.
- Wills Wharf is a prime property in a revitalized urban area, enhancing leasing potential.
- Existing tenants include reputable companies such as Ernst & Young and a Canopy by Hilton hotel.
- Loss of WeWork as a tenant may impact initial revenue projections for the property.
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VIRGINIA BEACH, Va., July 07, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) announced today that following discussion with WeWork, both parties agreed to terminate the lease of the top two office floors of Wills Wharf in Harbor Point, prior to Armada Hoffler funding of any tenant improvements.
“We are pleased to have reached a mutually beneficial outcome with WeWork regarding the top two office floors of Wills Wharf,” said Louis Haddad, President & CEO of Armada Hoffler Properties. “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.”
Wills Wharf is a mixed-use building located in the Harbor Point neighborhood, at the center of Baltimore’s urban renaissance. The project includes over 325,000 square feet of class A office, retail, and boutique style hotel space offering stunning waterfront views of the Inner Harbor. Initial tenants include the owner and operator of a Canopy by Hilton hotel, Ernst & Young, Jellyfish, and Bright Horizons.
“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 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.”
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a vertically-integrated, self-managed real estate investment trust ("REIT") with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to developing and building properties for its own account, the Company also provides development and general contracting construction services to third-party clients. Founded in 1979 by Daniel A. Hoffler, the Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit ArmadaHoffler.com.
Contact:
Michael P. O’Hara
Armada Hoffler Properties, Inc.
Chief Financial Officer, Treasurer, and Secretary
Email: MOHara@ArmadaHoffler.com
Phone: (757) 366-6684
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