The owner of the building that houses the headquarters of American Twitter Inc. in San Francisco has sued the company, accusing it of non-payment of rent.
The lawsuit, filed by SRI Nine Market Square LLC, says the site breached its lease agreement in December by failing to pay a monthly rent of about $3.4 million, prompting it to receive a notice of default on its contractual obligations on Dec. 5. The owner of the building received its due amount through a line of credit that Twitter used as a security deposit.
Meanwhile, the company “again breached the lease agreement by failing to pay monthly rent and additional rent under the agreement in January 2023″ of about $3.428 million, the lawsuit notes. SRI Nine Market Square received another $266,000 through a line of credit, so Twitter currently owes $3.16 million.
SRI Nine Market Square wants the company to increase the credit limit to $10 million due to the terms of the agreement, which provide for such an option in the event of a change in its management. In late October, Twitter was acquired by billionaire Elon Musk. The lawsuit says the site refuses to do so.
In addition, the owner of offices in the center of London Crown Estate filed a similar lawsuit, writes MarketWatch. They confirmed that they went to court, but did not specify how much Twitter did not pay.
In December, foreign media reported that the company had stopped paying rent for a number of offices as part of cost-cutting measures after Musk took over. In early January, another landlord in San Francisco sued Twitter.
LONDON, rent, San Francisco, TWITTER
