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 collaborative workspace provider.
Corpus Sireo has bought 33 Queen Street, EC4, for £40m – a yield of 5%.
The 50,000 sq ft building is 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 and Industry holds the ground and basement floors on a 150-year long leasehold.
JLL advised Corpus Sireo.
