WeWork Capital Advisors Instructs Cushman & Wakefield to Sell 51 Eastcheap, London EC3
Since WeWork Capital Advisors purchased 51 Eastcheap in 2017, the building has undergone significant refurbishment works which saw it stripped back to the structural frame and reconfigured to offer 89,459 sq ft of high-quality, built-to-suit office accommodation, arranged over basement, ground and eight upper floors. 51 Eastcheap provides a number of terraces on the first, seventh and eighth floors, with an additional large roof terrace offering excellent views of London. The building also boasts strong sustainability credentials with an EPC rating of B and BREEAM ‘Very Good’.
Andrew Hawkins, International Partner, London Capital Markets at Cushman & Wakefield, said: “51 Eastcheap offers the contemporary ‘industrial-style’ office space desired by modern creative industries and has grown to become one of WeWork’s top performing City of London sites. The appetite for quality, well-let assets with strong sustainability credentials such as this is high among investors, and we anticipate significant interest from a broad range of parties.”
The property is solely leased to WeWork under a long-term lease agreement expiring in 2039 (unexpired term of 16.7 years), backed by a robust parent company guarantee structure. The current passing rent is £6.27 million per annum, with a fixed rental uplift to £6.40 million in February 2023 with five-yearly, upwards-only open market rent reviews from February 2024.
Cushman & Wakefield are leading investment advisors in the Central London capital markets, having advised on £2.6 billion worth of transactions in 2021.
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.
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