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August 18, 2020

Once A Flagship Deal, WeWork And Partners Restructure Huge London Lease And Keep A Watch On Debt Covenant

The deal was supposed to herald a new model for WeWork. But the flexible office company and a group of institutional investors have restructured one of its largest global leases, and could need to make payments to cure a covenant breach on a loan secured against a massive London office asset. 

It Was Once A Flagship Deal. Now WeWork And Partners Restructure Huge London Lease And Keep Eye On Debt Covenant

In spring 2018, WeWork Property Investors, the investment arm of WeWork, teamed up with Nuveen to buy Devonshire Square, a 637K SF, 13-building estate in the City of London, from Blackstone for…

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London Office Rents Are Falling, And Might Not Bottom Out Until 2022
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London office rents are already falling, and may drop by 40% before hitting bottom, according to office specialists from global membership body the Society of Industrial & Office Realtors. A combination of stalled deals, increasing vacancy and lease breaks has slowed leasing activity down to 1.2M SF in Q2 2020,…

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