Global space, community, and services company WeWork has today announced its second UK location outside London.
New Central Manchester development marks WeWork’s 25th location to be announced in the UK and the second WeWork site to be announced in Manchester
WeWork is leasing 40,000 square feet of space in Manchester’s award winning One St Peter’s Square. The building was acquired in 2016 by Deka Immobilien for the German open-ended real estate fund WestInvest InterSelect.
WeWork’s One St Peter’s Square location is the 25th WeWork to be announced in the UK, where the company already has 16 open locations in London, which are home to nearly 20,000 members. With over 160 physical locations across 16 countries and 50 cities around the world, WeWork provides over 150,000 global members with the community and services to create their life’s work through both physical and digital offerings.
The deal acknowledges Manchester’s growing reputation as a centre for innovation, media and technology, with almost 8,000 firms starting up in the region last year.
WeWork’s first UK location outside London and first location in Manchester is No. 1 Spinningfields, situated at the heart of one of Europe’s most flourishing business and leisure quarters. It was announced in June and will open later this year.
WeWork will also be taking 30,000 square feet in WestInvest’s 5 star Kings Place office building next to King’s Cross. WeWork’s space includes a terrace, which has amazing views across London. Members will also have access to the building’s two world-class concert halls, art galleries, cafe, waterside restaurant and award winning conference and events facilities.
Mary Finnigan, European Director of Transactions for WeWork commented: “Manchester was an obvious choice for our second UK city because of the fantastic tech network and business opportunities in the city. We’ve seen huge interest from members after the announcement of our first location. It’s also very important to us to build a community around our locations, so we’re thrilled to be signing our second location so soon after the first.
“Additionally, we’re excited to announce our first Kings Cross location as it’s somewhere our members have been keen for us to move into for some time. Beyond the best-in-class building, the area is a hub for entrepreneurs, start-ups and larger businesses, with fantastic transport connections. We’re looking forward to adding to our membership base in this vibrant, fantastic location.”
John Heaver, Director of Strategic Investment Advisory at Savills, which advised Deka, commented: “The significant letting to WeWork at One St Peter’s Square takes the occupancy to around 85% with only one whole floor remaining to let. The letting to WeWork at Kings Place is also significant and complements the building’s diverse occupiers, amenities and King’s Cross location. Whilst these are Deka’s first lettings to WeWork in the UK, they comprise the third across Europe.”
