WeWork is understood to be in talks to take up to all of the 350,000 sq ft of space being vacated by Goldman Sachs at Peterborough Court on Fleet Street, EC4.
If the co-working provider does decide to lease all of the space at Peterborough Court, it would surpass its largest open location at Ivanhoé Cambridge’s 85 Broad Street in New York, where it has occupied around 240,000 sq ft since 2015. It would also be bigger than its 280,000 sq ft premises at London’s Southbank Place, which is due to open in the third quarter of 2019.
Once occupied by The Daily Telegraph, the grade II-listed art deco building is owned by Fleet Street Investment II, a Cayman Islands-registered company reportedly controlled by members of the Qatari royal family.
The company acquired the property in 2012 for a reported £264m from a consortium of banks led by Landesbank Berlin, which took control after its previous owner, Antedon, defaulted on a loan in 2010.
Goldman Sachs’ rent at the property was more than £16m a year, according to Radius Data Exchange. The lease runs to 2026 but has a break at the beginning of 2021.
WeWork has carried on expanding in the capital this year, announcing a slew of leasing deals, including 50,000 sq ft at M&G Real Estate’s 2 Minster Court, EC3, and 30,000 sq ft at 12 Moorgate, EC2, towards the end of March.
The US-based business is looking again to its international operations for growth this year, having spent a reported $2.5bn on the breakneck growth of its global operations last year.
WeWork declined to comment.
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