WeWork to pay $785M for Blackstone’s UK office complex

PE firm bought Devonshire Square in 2012

TRD NEW YORK /
Oct.October 27, 2017 02:35 PM

Devonshire Square, Adam Neumann and Jonathan Gray

The ink is barely dry on WeWork’s deal to buy the Lord & Taylor building in Midtown, but the co-working giant is already in talks to buy its next trophy property.

WeWork agreed to buy the Blackstone Group’s London office complex Devonshire Square for around $785 million, Bloomberg reported.

The British East India Company developed the 12-building, 620,000-square-foot campus between 1768 and 1820. Blackstone bought it in 2012 for around 340 million pounds, or around $450 million, and renovated it.

WeWork plans to take over the management of the entire complex and hired Eastdil Secured to find an acquisition loan. The co-working giant leases its properties, but earlier this year it launched a real estate investment fund in partnership with private equity firm Rhone Group to buy buildings outright.

On Tuesday, news broke that WeWork and Rhone agreed to buy the Lord & Taylor building in Midtown for $850 million.  [Bloomberg]Konrad Putzier 


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork CEO Adam Neumann (Credit: Getty Images and iStock)

WeWork’s side businesses are fizzling

Sarah Pontius (Credit: Union College)

Another head rolls at WeWork

The Lord & Taylor building at at 424-434 Fifth Avenue and Amazon CEO Jeff Bezos (Credit: Google Maps, Getty Images)

Amazon mulls buy of WeWork’s Lord & Taylor building

Softbank CEO Masayoshi Son and Elliott Management Corp. CEO Paul Singer (Credit: Getty Images)

Post-WeWork debacle, SoftBank will map out strategy to investors

WeWork COO Shyam Gidumal (Credit: Getty Images)

WeWork announces Shyam Gidumal as new COO

Adam Neumann and some of the properties, Museum Place and 225 West Julian in San Jose 

Adam Neumann no longer has a vision for San Jose

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

arrow_forward_ios
Loading...