WeWork makes its largest asset acquisition to date

WeWork will occupy about a third of the floor space, as it acquired a 10% stake in the property, while fund manager TH Real Estate and Danish pension fund PFA Ejendomme will own 45% each.

Undoubtedly, WeWork is re-shaping the global office market at an unprecedented pace. Devonshire Square is WeWork’s third property acquisition in London — it already owns 120 Moorgate and 51 Eastcheap jointly with private equity firm Rhône Capital. According to Cushman & Wakefield, flexible office space providers leased commercial property across London in 2017, to make up more than a fifth of all office leases across the capital.

Described as a “transformational and iconic asset” by WeWork’s senior executive Rich Gomel, Devonshire Square marks another milestone in the UK for the co-working giant.

WeWork has quickly become the largest corporate office occupier in central London, with British Land and other rivals, competing for a place in the flexible office leasing map.