WELPUT, the specialist Central London real estate fund advised by Grafton Advisors, and managed by Schroder Real Estate has announced the letting of North West House, 119-127 Marylebone Road, London NW1 to WeWork on a new 20-year lease. WeWork will benefit from a contribution from WELPUT towards the completion of a Cat A refurbishment of North West House, and in return will take a lease over the entire 42,000 sq ft building.
Ker Gilchrist of Grafton Advisors said, “We are delighted to welcome WeWork to the WELPUT portfolio, and believe that North West House will be a highly successful standalone centre for them given the paucity of supply of this type of space in the West End, and particularly its ideal location relative to Marylebone Station and the wider north of Oxford Street sub-market. As a tenant, WeWork is a highly complementary addition to WELPUT’s tenant line-up and we look forward to continuing our strong working relationship with them”.
Jourdan Rajwan of Schroder Real Estate said, “WeWork’s commitment until 2037 is testament to the improving appeal of the location to a diverse array of occupiers. The asset was purchased in 2015 with short term income and this letting concludes the business plan and will enhance the portfolio’s defensive characteristics.”
Patrick Nelson, Head of Real Estate for WeWork in Europe commented, “We know our members value our great locations and proximity to transport links. North West House, centrally located and close to Marylebone Station and various underground stations, is an exciting new addition to our portfolio of 26 locations in the UK.’”
WELPUT was advised by Strutt & Parker and WeWork by James Andrew International.