WeWork leases PNB’s office property in London

KUALA LUMPUR: WeWork Companies Inc (WeWork) is leasing more than 130,000 sq ft of office property in London from Permodalan Nasional Bhd (PNB).

In a joint statement issued yesterday, they had signed a 20-year lease for the entire office space of Aviation House on May 15.

Located across the Holborn Underground Station with close proximity to the upcoming Crossrail that will be completed in December 2019, Aviation House is one of PNB’s property assets in London which was acquired in 2014.

WeWork will occupy the eight upper floors in the Grade A office and retail building and its presence will be part of the rejuvenation of Aviation House.

PNB president and group chief executive Datuk Abdul Rahman Ahmad said the long-term lease with WeWork “provides the opportunity to transform the building and enhance the value of the property”.

Aviation House was built in 1991 and it has been almost 20 years since its last revamp.

Abdul Rahman also said PNB would explore other opportunities to collaborate with WeWork in the future.

WeWork’s senior vice-president real estate Patrick Nelson said the company was delighted to be adding Aviation House to its London portfolio.

“Our 24 open locations in the city have already proved incredibly popular, and we’re thrilled to be expanding here with the historic Aviation House,” he said.

Located in Holborn, a central part of the city, the building is well-connected by transport and has spectacular architectural elements, such as its old-church entrance.

In London, WeWork has 24 open locations and over 26,000 members. Globally, it has more than 250 physical locations in over 74 cities and 22 countries around the world.

PNB’s entry into the UK property market began with the acquisition of Milton and Shire Houses in 2011. PNB has two other assets in London – One Exchange Square and PNB House.