Cain International has confirmed the 186,000 sq ft prelet to WeWork at the Stage, EC2.
The deal will see the $20bn (£15bn) co-working firm occupy five floors in the Hewett building and 13 floors in the Bard building, both on a 25-year lease, paying more than £65 per sq ft.
The transaction sees all of the commercial office space with the scheme prelet, as predicted by EG in August.
The remaining commercial space has been let to Equinox fitness club. The offices at the Stage are set to complete in 2020.
The Stage is a £750m mixed-use development which includes the substantial archaeological remains of Shakespeare’s Curtain Theatre. When complete, the Curtain Theatre will be preserved in situ within a purpose-built visitor’s centre, enhancing Shoreditch’s international cultural heritage. In addition to more than 200,000 sq ft of office space, the Stage will feature more than 400 homes, 33,000 sq ft of retail and more than an acre of public space including an elevated park on top of a Victorian viaduct.
Cain International is leading a consortium of investors to develop the site. The joint venture partners include Galliard Homes, McCourt, Vanke, Investec and the Estate Office Shoreditch.
Jonathan Goldstein, chief executive at Cain International, said: “The Stage is creating a new destination in Shoreditch comprising grade-A specification offices, vibrant retail space and high-quality residences with unique public amenities, including a visitor centre preserving the remains of the recently excavated and historically significant Curtain Theatre. With its central London location close to Tech City, there is no doubt this will become a global hub for business and will be a highly successful site for WeWork.”
Patrick Nelson, head of real estate for WeWork in Europe, added: “The Stage is an exciting mixed-use development with a unique cultural history. We know our members value our great locations with their proximity to transport links and we’re proud to be adding The Stage to our portfolio.”
Allsop and GM Real Estate advised Cain International.
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