Mishcon de Reya has acted for property developer, Almacantar, on a significant letting to US co-working giants, WeWork, at 125 Shaftesbury Avenue, London, WC2H. The Soho located site will become WeWork's 21st flexible workspace location in the UK. Mishcon de Reya is also advising in relation to a major refurbishment of the space.
The building acquired by Almacantar, advised by Mishcon de Reya, in 2013, provides 190,000 sq ft of commercial and retail space, of which WeWork have agreed to lease 140,000 sq ft.
This is Almacantar's second letting to WeWork this month; the company has also taken 280,000 sq ft at Almacantar's Two Southbank Place, London.
The Mishcon de Reya Real Estate team was led by Legal Director Nick Harris with support from Associate Heather MacIntosh and construction support from Legal Director Justine Ayto.
Commenting on the transaction, Nick Harris said: "It has been a pleasure working with Almacantar on this significant letting, which will turn 125 Shaftesbury Avenue into a creative, state-of-the-art work space for WeWork members. The co-working model is set to transform the UK office market and this deal, together with the recent letting at Southbank Place, really shows Almacantar's commitment to the sector".