ABQ tech firm settles suit with former landlord
Nonpayment of rent issue at hand for Lavu
The dispute between Lavu Inc. and the owner of its former Downtown Albuquerque office is over.
On July 1, Lavu announced a settlement agreement with Heritage Real Estate Co., the property manager for Albuquerque Plaza Office Investment LLC, following a lawsuit filed against the point-of-sale software company for nonpayment of rent.
According to Lavu, the settlement “provides for the full resolution of the dispute and a release of all claims between the parties arising out of, or related to, Lavu’s office space lease at Albuquerque Plaza.”
“We appreciate the efforts of Heritage’s Chief Executive Officer Jim Long and President Suzanne Lubar to resolve this matter and to assist Lavu as we successfully navigate the challenges to the restaurant industry brought about by the COVID-19 pandemic,” Lavu CEO Saleem S. Khatri wrote in a statement announcing the settlement.
Lavu left its suite at the 22-story Albuquerque Plaza in early January for a smaller Uptown space, citing pandemic-caused financial difficulties.
The Albuquerque-based software company specializes in software for restaurants, such as online ordering systems, mobile points-of-sale and payment processing.
Prior to the move, the software company had been leasing the Downtown office for two years after receiving state approval of up to $270,000 in Local Economic Development Act funding to fund the move and increase its workforce.
The incentive funding stipulated that Lavu expand its workforce to around 120 and make a $1.5 million investment to remodel its offices at Albuquerque Plaza.
Lavu could not be reached for comment Friday.