Receivers appointed on City of London WeWork office

Receivers have been appointed on an office block in the City of London owned by a fund tied to WeWork and leased to the co-working company. Lender Deutsche Bank is understood to have appointed Interpath as receiver for 51 Eastcheap, EC3, which was owned by WeWork Capital Advisors. WeWork Capital Advisors purchased the freehold in 2017 for £47m. It previously tried to sell the 89,459 sq ft building in 2022, appointing Cushman & Wakefield as agent. The eight-storey building is solely leased to WeWork under a long-term lease agreement that is set to expire in 2039.  The site was understood to be under offer to Polus Capital Management before the deal fell through, sources familiar with the deal told EG. Steve Absolom, joint fixed charge receiver and head of real estate at Interpath Advisory, said: “As occupiers continue their flight towards higher-quality office space, both the fantastic location in the heart of the City and recent refurbishment mean we expect high interest in 51 Eastcheap. “Over the coming weeks and months, we will be working closely with all stakeholders to ensure continuity in the operation and management of the property, while we assess options to bring it to market.” Photo © WeWork