Flexible workspace operator WeWork is closing its 52 Bedford Row site in London, BE News can reveal.
The company has notified customers in the circa 28,892 sq ft building that it intends to close the site this month.
WeWork took a 20-year lease on the entire building, which is owned by Soller Group, in 2019 at a rent of circa £63/sq ft. The building was built in the 1880s and was formerly the HQ of law firm Wedlake Bell. In 2002, it was rebuilt behind the period facade and comprehensively refurbished in 2019.
Earlier, this month it was reported that the flexible workspace operator was closing its operations at 133 Houndsditch in the City of London after WeWork’s chief executive officer David Tolley announced in September that the company had commenced the process of renegotiating “almost all of its leases” globally.
In a letter, Tolley said the flexible workspace company intended to remain in the “majority of our buildings and markets” adding “we will seek to negotiate terms with our landlords that allow WeWork to maintain our unmatched quality of service and global network, in a financially sustainable manner. As part of these negotiations, we expect to exit unfit and underperforming locations and to reinvest in our strongest assets as we continuously improve our product”.
A spokesperson for WeWork told BE News: “As part of WeWork’s efforts to achieve a sustainable capital structure and profitable business to serve our members for the long term, we have made the decision to stop operating at 52 Bedford Row. We look forward to continuing to provide our members with flexible space solutions across our other locations in London, which remains a key market for us.”
BE News understands WeWork is working with members at 52 Bedford Row to move them to a new location that fits their needs and is providing moving services to all members who are transferring to new WeWork locations.
