WeWork To Buy £600M London Office Estate From Blackstone
Flexible working giant WeWork is in exclusive talks to buy a £600M estate of office buildings in the City of London, according to Bloomberg.
WeWork has agreed a deal to buy the 620K SF, 12-building Devonshire Square complex, and will manage the buildings and occupy the vacant space. It has appointed Eastdil Secured to find finance for the purchase, Bloomberg said.
Blackstone bought Devonshire Square for £350M in 2012, added features such as better restaurants and a members club, and has been leasing vacant space.
WeWork, valued at $20B, is flexing its muscles in terms of buying as well as occupying office buildings. Earlier this week it said it was buying the Lord & Taylor building in Manhattan for $850M.