WeWork signs 42,000 sq ft North West London property

A specialist central London real estate fund, WELPUT, advised by Grafton Advisors has announced its letting of North West House, 119-127 Marylebone Road, NW1.

The letting is on a 20-year lease, with WeWork benefitting from WELPUT’s contribution towards completion of a Cat A refurbishment of North West House - in return, taking a lease over the entire 42,000 sq ft building.

Ker Gilchrist, 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.

“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.”

WELPUT was founded in 2001 and is an open-ended fund under the laws of Jersey. The aim of WELPUT is to provide investors with an exposure to the London office market.

Jourdan Rajwan, who works at Schroder Real Estate, added: “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.”

WELPUT was advised by Strutt & Parker and WeWork by James Andrew International.

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