WeWork has agreed to lease just under 46,000 sq ft at 133 Houndsditch, EC3, for its new product, Headquarters by WeWork, which offers occupiers their personalised workspaces.
Located between Aldgate and Liverpool Street underground station the property, known as Acre Square, is owned by Madison International Realty and Nuveen.
The US-based flexible workspace provider is understood to be taking the space across the fourth and part of the fifth floor on a 10-year lease.
Contracts have also been exchanged with multimedia products and solutions provider Infopro Digital on the rest of the available fifth floor space, totalling around 16,400 sq ft.
Quoting rents were around £55 per sq ft.
The floors and lobby were recently refurbished by Orms, and BNP Paribas Real Estate and JLL appointed to lease the revamped office space.
David Kaiser, head of WeWork UK and Ireland real estate, said: “We’re pleased to announce a new location for WeWork in London, located at 133 Houndsditch.
“This building will offer our new product, headquarters by WeWork, a fully private, personalised and flexible workspace solution tailored for growing companies. Members will receive a tailored space, with the same services as any other member, including access to our global network of over 466,000 members. We look forward to becoming a long-term partner for our future members at Houndsditch and support them to continue to grow and succeed.”
It is the latest in a raft of new leasing deals by WeWork, which is looking to its international operations for growth this year, having spent a reported $2.5bn (£1.97bn) on the breakneck growth of its global operations last year.
More recently WeWork has agreed several deals to extend its presence in Birmingham and move into Cambridge, as well as continuing its London expansion.
Headquarters by WeWork is a “service-lite” product similar to US rival Knotel’s business model, appealing to firms that do not need all the services of a traditional WeWork office and want bespoke spaces.
According to research by BNP Paribas Real Estate, serviced office take-up in London grew 13% between 2017 and 2018 and further growth is likely in 2019, while JLL’s flex space report highlighted that flexible demand for 50+ desks more than doubled in 2018 over 2017.
A spokesperson from Infopro said: “Infopro Digital is looking forward to moving into its new home at 133 Houndsditch. This location is very close to many of the professional communities we support through our market-leading publications Insurance Post, Risk.net and WatersTechnology.
“The building will also provide our clients and employees with a collaborative working environment, and offers space for our business to continue growing.”
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