WeWork Said in Talks With Lendlease About Global Offices Venture
21st March 2016
WeWork Cos. is in talks with Australian developer Lendlease Group about forming a global venture to lease offices and living spaces to other companies, according to two people familiar with the matter.
The first project in Europe will probably be at The International Quarter development next to the site of the London 2012 Olympic Games in the Stratford district, the people said, asking not to be named as the matter is private. Properties elsewhere in Europe, North America and the Asia Pacific regions may also be included, the people said.
Spokesmen for WeWork, the collaborative workspace startup with a reported $15 billion valuation, and Lendlease declined to comment.
The properties will include WeWork office space and may also include apartments operated under the WeLive brand, the people said. Options include Lendlease developing buildings, leasing them to WeWork and taking a share of the revenues the operator generates, one of the people said. Lendlease may also pay WeWork a fee to manage properties on its behalf as part of the agreement, the person said.
Serviced-office companies have been expanding rapidly, tapping increasing demand from startups and established companies for more flexible leases. Specialist workspace providers leased 1.5 million square feet (139,000 square meters) of space in central London last year, a 36 percent increase on 2014, according to a February report by broker Bilfinger GVA.
WeWork, which was founded in New York in 2010 by Adam Neumann and Miguel McKelvey, operates from 78 buildings, according to the company’s website. Its investors include Goldman Sachs Group Inc., JP Morgan Chase & Co. and Harvard Management Co.
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