German investor Corpus Sireo has bought a City office building let to WeWork in what will be seen as a vote of confidence in the co-working office provider.
Corpus Sireo has completed an off-market deal to buy 33 Queen Street, EC4, for £40m – a yield of 5%.
The circa 50,000 sq ft building is currently undergoing an extensive refurbishment by Beltane Asset Management. WeWork has signed to take floors one to five on a 20-year lease paying £60 per sq ft.
The deal represents the first time a WeWork-let building has traded in London.
The London Chamber of Commerce & Industry holds the ground and basement floors on a 150-year long leasehold.
JLL advised Corpus Sireo.
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