29 November 2016
WeWork signs on 72,000 sq ft at Union Street Partners’ South Bank Central instruction

29 November 2016 | By Guy Montague-Jones | Property Week

WeWork has agreed to take 72,000 sq ft across three floors of the Vivo building at the South Bank Central development.

The new location, which will be WeWork’s second on the South Bank after Sea Containers, SE1, will house more than 1,000 new WeWork members.

Patrick Nelson, head of real estate for WeWork in Europe, said: “WeWork South Bank has been a great success and is home to a thriving community, so we’re excited to expand our presence in the neighbourhood with WeWork South Bank Central.”

News of the letting comes less than a week after Helical announced a 59,000 sq ft pre-let at The Bower development in Old Street to WeWork, which has 11 currently operating locations in London. South Bank Central is being fully refurbished by its owners, Hermes Investment Management and Canada Pension Plan Investment Board, to provide 220,000 sq ft of office space.

Property Week revealed last month that the joint venture had signed up its first tenant at the scheme. Consultant DNV-GL has taken 35,000 sq ft on a 10-year lease at a rent believed to be around £65/sq ft.

Stephen Bradley, asset manager at Hermes Investment Management, said: “Following an extensive period of asset management, we are pleased that the remodelling of the building has completed and look forward to announcing further lettings in the near future.”

Union Street Partners and CBRE acted on behalf of Hermes.