WeWork has signed a 20 year lease on 143,000 sq ft (13,285 sq m) of commercial office space at Regal London’ Shoreditch Exchange development on Hackney Road, E2.
This signing is a commitment by both parties to invest in the revitalisation of this area of East London, providing affordable, high quality work space. Regal London will also be delivering an additional 46,000 sq ft (4,274 sq m) of commercial space for offices, independent retailers and food and beverage operators at the development. Combined with the area taken by WeWork, the commercial provision will equate to a 240% increase in employment space in this area when complete in 2020, 10% of which will be classed as affordable to attract local artists and creatives.
Alongside commercial space, Shoreditch Exchange will also provide 206,900 sq ft (19,200 sq m) of residential space and 0.5ha of new amenity and public open space. A further phase of the development, on the opposite side of Hackney Road, proposes 150,000 sq ft of extra commercial space and nine residential units.
Shoreditch Exchange is extremely well connected, located just minutes from Hoxton Station which provides east connections to major transport hubs. Liverpool Street is within walking distance and will provide easy access to the new Crossrail line. Old Street and Silicon Roundabout can be reached in just 13 minutes by foot. For international travel, City Airport and Heathrow Airport can be reached in 29 and 35 minutes respectively. There will also be 780 cycle parking spaces at the development.
Cheyne Capital is providing development finance to Regal London for the scheme.
Patrick Nelson, Executive Vice President of Real Estate at WeWork comments: ’Shoreditch Exchange on Hackney Road is a great destination for our latest WeWork, the 22nd to be announced in the UK. It’s a fantastic development in a vibrant, exciting location. We’re looking forward to adding to our 15,000-strong member base here in the UK, and adding to our portfolio of over 160 locations around the world.’
Simon De Friend and Paul Eden, Joint CEOs of Regal London, comment:
“WeWork is an exceptionally appropriate occupier for the commercial space at Shoreditch Exchange. It will help to draw new, high quality employment into the area, attracted by the appealing work space as well as the vibrant local culture.
“With the new residential offering at Shoreditch Exchange, occupiers will have excellent accommodation within an ideal commuting distance – walking to work in minutes.
“We have put an immense amount of thought into designing this scheme to ensure it works with the surrounding area and complements existing infrastructure. We are delighted to welcome WeWork as the first occupier.”