WeWork to open on Marylebone Road

Rapidly expanding flexible office group WeWork has agreed to take space at WELPUT’s North West House, NW1. WeWork will take the entire 42,000 sq ft in the property at 119-127 Marylebone Road on a 20-year lease. Landlord WELPUT, which is a specialist central London real estate fund advised by Grafton Advisors and managed by Schroder Real Estate, will complete a full refurbishment of the block as part of the deal. The asset was purchased in 2015 with short-term income and this letting concludes the business plan. Schroder said it would enhance the portfolio’s “defensive characteristics”. Ker Gilchrist, investment director at Grafton Advisors, said: “As a tenant, WeWork is a highly complementary addition to WELPUT’s tenant line-up.” Patrick Nelson, head of real estate for WeWork in Europe, added: “We know our members value our great locations and proximity to transport links. North West House, centrally located and close to Marylebone Station and various Underground stations, is an exciting new addition to our portfolio of 26 locations in the UK.” WELPUT was advised by Strutt & Parker; WeWork was advised by James Andrew International.   To send feedback, e-mail nick.johnstone@egi.co.uk or tweet @n_johnstone or @estatesgazette