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Flexible office giant WeWork has acquired its 50th London site with a new letting at Dixon House. One floor of the building is already let to the owner, European insurer MAPFRE SA, who purchased the site in 2016 for £35.5 million, and WeWork will be taking up six of the remaining seven storeys. The new space, which is due to open later this year, will be able to accommodate 650 members, and will be the firm’s 17th letting in the City of London.
Head of EMEA real estate at WeWork, Patrick Nelson, says: “WeWork is on an incredible journey in London, and I’m pleased to be announcing our 50th location in the capital with 1 Lloyd’s Avenue. Our community is at the heart of what we do, and this building will add numerous opportunities for our members – both present and future – to collaborate and network, especially as it’s situated near other WeWork buildings… Lloyd’s Avenue is moments from Fenchurch Street and nearby stations, and I’m certain our members will come to the building to participate in our events and collaborate with other members, from high-growth scale ups to enterprise companies who make up 30 percent of our global membership.”
The deal comes off the back of news that although WeWork’s sales doubled in 2018, its losses also doubled.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.