The Real Deal New York

WeWork, Lend Lease in talks for global office venture: report

Co-working giant is looking to expand to Europe, Asia
March 04, 2016 03:08PM

From left: WeWork co-founders Adam Neumann, left, and Miguel McKelvey and Steve Mccann, CEO of Lend Lease Group

From left: WeWork co-founders Adam Neumann and Miguel McKelvey, and Steve McCann, CEO of Lend Lease Group

Lower Manhattan-based co-working giant WeWork and Australian construction firm Lend Lease are considering forming a venture that would focus on leasing office and living spaces worldwide.

WeWork, which has a few spaces in Israel, has been said to be eyeing expansion into China and India. The venture could span Europe, the Asia-Pacific region and North America.

The first project may be in England at the International Quarter in Stratford City, 10 minutes outside of London, Bloomberg reported. The large development, slated to have some office space ready in 2017, is near where the 2012 Olympic Games were held. Lend Lease is developing the project with LCR, according to its website.

The agreement may include WeWork office space, or apartments under the WeLive brand, sources told Bloomberg. WeLive is the collaborative workspace provider’s “co-living” dormitory venture.

Lend Lease may develop buildings and then lease them to WeWork. Another option is the coworking giant may manage the Lend Lease properties, Bloomberg reported.

In November, The Real Deal reported WeWork was actively searching for locations to set up shop in Shanghai.

WeWork’s valuation jumped by 50 percent to $15 billion last month. The collaborative workspace provider manages nearly 3 million square feet in the city. The collaborative workspace provider recently leased 60,000 square feet at the USPS’s East Midtown post office at 450 Lexington Avenue. [Bloomberg]Dusica Sue Malesevic