Developer backed away from lease with WeWork following IPO disclosuresThomas Gounley October 22, 20190An image of WeWork’s space in Union Station.
Churchill Bunn, head of Denver-based development firm Alpine Investments, told BusinessDen Monday that he backed away from a deal to have WeWork lease all 67,000 square feet of office space in a 10-story building planned for 955 Bannock St. in the Golden Triangle because of disclosures in the company’s IPO prospectus.
Churchill Bunn“The decision came down to not feeling comfortable with the three-to-five-year picture,” Bunn said of the company’s future.
The companies spent the next five months negotiating a lease.
The company then halted the signing of new leases for several days, according to the Financial Times.
A WeWork spokeswoman confirmed the company did not enter into a lease agreement for the 955 Bannock building, but otherwise declined to comment.
The 955 Bannock building will be the company’s first office development.