WeWork signs for 143,000 sq ft in Hackney

WeWork has agreed a 20 year lease on 143,000 sq ft of office space at Regal Homes’ Shoreditch Exchange development. The property on Hackney Road will be WeWork’s 22nd location to be announced in the UK.Developers Regal Homes said the area doesn’t currently have a large volume of co-working space and the scheme, which provides 46,000 sq ft of commercial space on top of that taken by WeWork, would substantially increase employment space locally once completed in 2020. Some 10% of the space will be classed as affordable to attract local artists and creatives.Patrick Nelson, executive vice president of real estate at WeWork, said: “It’s a fantastic development in a vibrant, exciting location. We’re looking forward to adding to our 15,000-strong member base here in the UK, and adding to our portfolio of over 160 locations around the world.”Alongside commercial space, Shoreditch Exchange will also provide 206,900 sq ft of residential space and 0.5ha of new amenity and public open space.  A further phase of the development, on the opposite side of Hackney Road, proposes 150,000 sq ft of extra commercial space and nine residential units.Simon De Friend and Paul Eden, joint CEOs of Regal Homes, added: “WeWork is an exceptionally appropriate occupier for the commercial space at Shoreditch Exchange.  It will help to draw new, high quality employment into the area, attracted by the appealing work space as well as the vibrant local culture.“With the new residential offering at Shoreditch Exchange, occupiers will have excellent accommodation within an ideal commuting distance – walking to work in minutes.“We have put an immense amount of thought into designing this scheme to ensure it works with the surrounding area and complements existing infrastructure. We are delighted to welcome WeWork as the first occupier.”Cheyne Capital is providing development finance to Regal Homes for the scheme.