NEW YORK – WeWork, the embattled co-working giant navigating a bankruptcy, is keeping a Manhattan office spot largely leased to Amazon.com through a deal that includes reduced rent and a shortened lease term.

WeWork reached a new agreement with its landlord for its space at 1440 Broadway, according to a filing on Dec 12. The firm will continue to operate 300,000 sq ft of space spanning 10 floors at the building. The court will still need to approve the agreement.

WeWork’s bankruptcy filing in early November set off a tense process surrounding many of the co-working firm’s leases, many of which the company sought to cancel or renegotiate.

So far, WeWork has cancelled around 70 of those contracts and expects to request more in the coming weeks, Mr Steven Serajeddini, an attorney at Kirkland & Ellis who represents the company, said in a bankruptcy hearing on Dec 11.

Once the biggest private office tenant in Manhattan, the company immediately nixed dozens of leases in New York City upon filing for bankruptcy.

Some landlords have objected to the company’s plans to shut down many of its locations, although in recent weeks, several of them have withdrawn formal objections through court filings.

In a Chapter 11 bankruptcy filing, companies have up to 210 days to decide whether to cancel a lease, giving them around seven months to reach concessions with landlords or otherwise exit the agreements. Other contracts, like those with vendors, have no time limit.

The deal with 1440 Broadway allows WeWork to maintain a foothold in a New York City building that is in the heart of Times Square.

“We’ve reached a significant number of positive agreements with landlord partners globally, representing sizeable progress towards our goal of reduced rent and tenancy expenses,” Mr Peter Greenspan, WeWork’s global head of real estate, said in an e-mailed statement. “We look forward to finding more win-win solutions that create long-term, sustainable value.”

A WeWork spokesperson declined to comment on its contracts with Amazon.

A joint venture of CIM Group and Australian pension fund QSuper owns the building, according to loan documents.

Filings on a US$399 million (S$535.6 million) commercial mortgage-backed security tied to the property say the loan has transferred to special servicing and the landlord will be deeding the property back to the lender.

A representative of CIM declined to comment. BLOOMBERG