Regus Must Pay $90M To Vornado, Trump For Space It Never Occupied, Judge Rules

Coworking giant Regus PLC lost an appeal in its dispute with New York landlord Vornado Realty Trust over a $90M lease agreement for a San Francisco office Regus never occupied.
Regus' parent, the British company IWG PLC, now must pay the $90M in base rent following a Tuesday ruling from the California Court of Appeals, the San Francisco Business Times reports.
Regus leased 78K SF at 345 Montgomery St. in 2019, with plans to its Spaces brand there, but never moved in. In 2020, Vornado kicked off legal action, alleging that Regus was trying to back out of a 15-year lease.
Vornado undertook a…
Source: Regus Must Pay M To Vornado, Trump For Space It Never Occupied, Judge Rules