A WeWork leased London office building has been bought by a group of Korean institutional investors for £267 million.
WeWork is a foreign corporation that provides shared workspaces, technology startup subculture communities, and services for entrepreneurs, freelancers, startups, small businesses and large enterprises. Founded in 2010, it is headquartered in New York City. WeWork has a current valuation of roughly US$20 billion and manages 10 million square feet of office space.
The 1980s building includes 140,000 square feet of office space let to WeWork on a 20-year lease, as well as 37,000 sq ft of retail space let to tenants including Made.com, the homeware retailer, and Nisbets, which sells commercial kitchen equipment.
The building was sold by Almacantar, a property investor specializing in central London, which bought it in 2013 from BlackRock for a reported £110 million.
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