Helical has announced a 59,000 sq
ft pre-let at The Bower development in Old Street to WeWork.
WeWork has agreed to take levels
one to six at The Tower, which is the second phase of The Bower scheme.
The pre-let was in line with
estimated rental values, which have been guided at £62.50/sq ft on floors 1-3
and £67.60/sq ft on the upper floors, according to analysts at JP Morgan.
The Tower is due for completion
in July 2018 and will provide 171,200 sq ft of office space over 17 floors as
well as ground floor retail. The WeWork pre-let therefore accounts for about a
third of the available space.
The Bower will add to WeWork’s
portfolio of eleven currently operating locations, as well as additional signed
locations across London. There will be space for around 1,000 WeWork members.
Gerald Kaye, chief executive of
Helical, said: “WeWork is an incredibly dynamic and exciting organisation,
whose concept of shared working will ideally complement the new community we
are creating at The Bower.”
Patrick Nelson, head of real
estate for WeWork in Europe, added: “We are delighted to add another prominent
location to our London portfolio and the design and quality of this building
will help deliver an exceptional experience to our members.”
Helical were advised by JLL and
If you are interested in office space in London please call Gryphon Property Partners on 0203 440 9800 or click on the following link - Gryphon