Diary doesn’t usually get tough on marketing platitudes: you’d never hear the end of it if we did. But flexible office giant WeWork has hogged all the headlines recently, having been responsible for the biggest central London office leasing deals of 2017 and then telling EG two weeks ago that “we are only just at the very beginning in London”.
So when it emerged last week that the company was contemplating opening its European debut “WeLive” concept at The Stage in Shoreditch, EC2, we couldn’t help but pick over its tub-thumping bumf: “Whether for a day, a week, a month, or a year, by joining WeLive – you’ll be psyched to be alive.” Overlooking the rather cringey fratboy tone, we were just pleased to see that a multi-billion dollar corporation is willing to guarantee the mental wellbeing of every one of its customers. Because otherwise, well, trade descriptions…
Ace inspiration for EG stars
Diary is not sure what it says about the state of the property industry when its next generation looks to tennis for its inspiration. Not one, but three of EG’s latest clutch of Rising Stars, the winner of which will be revealed at our awards in September, cited Swiss Wimbledon champ Roger Federer as their biggest inspiration. But why? Because he’s down-to-earth, friendly, hard-working and uber-successful, apparently. Could our Rising Stars not see those attributes in real estate?
Say what you mean, David
It’s been consented for a major redevelopment since 2009, but only now is Edinburgh’s
St James Centre being torn down by TH Real Estate and APG. National Housing Federation chief executive David Orr certainly didn’t mince his words earlier this week about the long overdue demolition, Tweeting: “Best view in Edinburgh. The end of the St James Centre, one of the world’s worst buildings.” He may think that, but Diary, of course, couldn’t possibly comment.
Pret A Manger gets in the swim
Diary got a sneak peek inside Pret A Manger’s new London headquarters at Tishman Speyer and PSP’s Verde building in Victoria, SW1 (visit www.egi.co.uk/news/887479.nw to take the tour). Not surprisingly, everyone was eating Pret for lunch – presumably anyone turning up with an EAT bag will be denied entry. But Diary’s eye was caught by a very helpful – and very prominent –“Rules of engagement” notice to staff. Among them, a prompt to get the PR people to sit with the property people, to stop emailing and instead walk to talk to your colleagues, and of course, not to smoke, dive, photobomb, or pet, heavily. Heavy Preting is fine, however.
Mean streets for SF moguls
If you think times are tough here in Blighty, what about San Francisco, where you can buy a whole street for the price of a Tesla? For 100 years, the residents of the very swanky Presidio Terrace, a gated community in the north of the city, had been free to manage the oval-shaped street surrounding their multi-million dollar mansions for themselves. That was until 2015, when a canny Californian couple paid $90,000 for all the land, including garden islands, palm trees and other greenery, after it was sold at auction by an authority looking to recoup an unpaid tax bill.
San Jose residents Tina Lam and Michael Cheng quietly sat on this prime freehold for several years, and it was only on being contacted in May by a title search company working on behalf of the couple, that the marooned residents learned the real estate had changed hands. Like any sensible asset managers, Lam and Cheng are working on ways to “sweat” their property – which could mean charging for parking as a starter. Unsurprisingly, the besieged millionaires are pursuing litigation.
