WeWork has signed a 20 year lease on 143,000 sq ft (13,285 sq m) of commercial office space at Regal Homes’ Shoreditch Exchange development on Hackney Road, London 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 Homes 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.
Patrick Nelson, Executive Vice President of Real Estate at WeWork, commented, ’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 Homes, commented, “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.”