The Chicago-based coworking firm gave up ownership of its 115,000-square-foot building at 1630 Welton St. on Monday rather than face foreclosure, a company official confirmed.Public records show the 1630 Welton St. property transferred via a deed in lieu of foreclosure to 1630 Welton SPV LLC, an entity affiliated with Phoenix-based RRA Capital. The documents show a $6.88 million price tag associated with that transaction.
A RRA executive declined to comment. But Klare said coworking tenants in the building won’t see any immediate change. In spring 2019, Expansive paid $40.2 million for the 17-story Trinity Place office tower at 1801 Broadway. In January, the lender that financed the deal filed to foreclose on it. A receiver oversees the building, and Klare said Expansive ceased operating the space within it in April.WeWork asks bankruptcy court to retain two Colorado locations, with more likely to follow