WeWork’s Quinto Andar headquarters building is the target of an eviction lawsuit

At the end of August, Rio Bravo Investimentos announced an eviction action against WeWork from the Girassol 555 property, located in the Vila Madalena neighborhood of São Paulo. The building has housed the headquarters of Quinto Andar since 2020, which presents itself on its official website as “the largest digital real estate agency in Brazil.”

The lawsuit comes amid other lawsuits filed against shared office space company WeWork. Vini Offices FII and HBR Realty also announced last week that they had begun trying to repossess properties after WeWork stopped paying rent for at least three months.

+HBR Realty files eviction lawsuit against WeWork in São Paulo development

When contacted, Quinto Andar preferred not to comment, stating only that it “continues to operate normally”. One floor of the building is occupied by the fintech Wise, which also declined to comment on the matter.

In a statement, WeWork said it was unaware of any eviction action. “The company continues to operate in its entirety in all buildings in Brazil. Our temporary actions are intended to accelerate conversations to reach resolutions that are in the best interest of our entire ecosystem, mutually beneficial and that are better aligned with current market conditions,” said the multinational.

WeWork Crisis

In a crisis around the world, WeWork in Brazil did not escape financial problems, which led the parent company to file for bankruptcy protection in the United States last year, with debts of US$ 18 billion.

WeWork is a multinational company headquartered in New York that provides and manages shared office spaces. With its system, it is possible to rent an office or just a desk, for short periods, such as days or weeks, in order to achieve greater flexibility than with traditional contracts.

The Sunflower 555

Located at 555 Rua Girassol, the complex targeted by the eviction action brought by Rio Bravo Investimentos houses three five-story towers each. The information is publicly available on the website of the real estate agency SP Corporate.

Built in 2019, the complex has 113 m². In early 2020, it was reported that it would house Quinto Andar, under the management of WeWork. Previously, the real estate company was already headquartered in another building owned by the shared office management company, located on Avenida Paulista.

On the WeWork website, there are spaces in the buildings available for rent. A space at a shared desk for work is advertised for R$120.

When contacted by the press, Rio Bravo reported that the eviction action is still ongoing, without giving further details. In a note, it reported that the fund holds 34.81% of the property and that WeWork represents less than 10% of the FII RCRB11.