WeWork expands in London
Almacantar, the property investment and development company, has pre-let over 280,000 sq.ft to WeWork, the co-working operator, at Two Southbank Place, joining Shell who had already committed to 250,000 sq.ft at One Southbank Place.
One and Two Southbank Place are located in a new 1.4 million sq.ft mixed-use development next to the River Thames and Waterloo station, being delivered by Canary Wharf Group and Qatari Diar.
The deal represents the largest in the market this year and continues to show that demand exists for the right product. Combined with the pre-let at One Southbank Place, Almacantar has now fully pre-let the office space at Southbank Place, a year ahead of completion.
Two Southbank Place will be the largest property in WeWork’s global portfolio, which includes locations in 44 cities around the world.
Eugen Miropolski, Managing Director for WeWork in Europe & Israel, said:
“London represents one of WeWork’s most vibrant communities in the world, and, in a show of strength and commitment to our second largest market, we are announcing our largest location worldwide here in London.
We are incredibly proud to announce WeWork Waterloo at Two South Bank Place. WeWork Waterloo will be the largest location in our fleet and will represent the next iteration of the WeWork offering that will enable more members in our London community to create a life not just a living – a major hub for innovation, collaboration, wellness, work, and fun.
This new location will be a base for UK businesses as they grow, foreign companies that want to come to the UK, and major corporates seeking to integrate into our innovative community.”
Mike Hussey, Chief Executive, Almacantar said: “WeWork is an admirable brand, and the perfect occupier for Two Southbank Place. The commitment from Shell and WeWork at Southbank Place support our conviction that Canary Wharf Group and Qatari Diar are creating one of the highest quality mixed use projects in Central London. A whole cross-section of London’s office occupiers are adopting the co-working model as a way of managing costs and generating new business simultaneously. It is a growing part of the office letting scene and will get more popular as better and larger facilities open in accessible locations like Waterloo.”
Patrick Nelson, Head of Real Estate for WeWork in Europe, added: “WeWork is excited to partner with Almacantar and Mike Hussey for this new London development. The vibrancy of the South Bank and convenience of Waterloo station make this an excellent addition to our growing London portfolio.”