Deal takes out remaining 55,000 sq ft at 55 Colmore Row
Shared workspace provider WeWork is to move into Birmingham after agreeing a deal for the remaining 55,000 sq ft at 55 Colmore Row.
The prominent site in the heart of the city’s business district underwent a £30m transformation that was completed two years ago and its occupiers include Pinsent Masons, Savills and the Royal Institution of Chartered Surveyors (RICS).
Nuveen Real Estate – then known as TH Real Estate – bought the site for £98m in January 2018 from IM Properties and maintained the strategy of holding out for the right occupier rather than filling the space.
It is claiming this deal has set a “record headline rent for Birmingham” although it has not disclosed the terms.
Luke Duckworth, portfolio manager at Nuveen Real Estate, said: “WeWork is the most exciting brand in the co-working sector. They have made no secret of their ambitions to get a foothold in Birmingham and we’re thrilled to have secured them at 55 Colmore Row.”
Birmingham becomes the fifth UK city that WeWork offers space in, following London, Manchester, Cambridge and Edinburgh.
WeWork has taken three floors of space and will occupy the ground, third and fourth floors of the building. Fit-out will begin within weeks and plans to be open in the final quarter of the year.
Mathieu Proust, general manager WeWork UK and Ireland, said: “I’m excited to be continuing to grow our presence in the UK – our second largest market worldwide – where we’re home to a flourishing community of over 45,000 members.”
WeWork were advised by JLL. CBRE and Savills are joint letting agents at 55 Colmore Row.
Will Ventham, head of Midlands office agency at CBRE, said: “The deal is reward for Nuveen’s strategic acquisition of prime assets across their European Cities Fund and WeWork’s offer always stood out, against healthy competition for the remaining space, as key to supporting the wider occupier mix.”
