Flexible office space group WeWork is expanding to Sweden with the lease of local developer AMF Fastigheter's entire T29 building at the Urban Escape development in central Stockholm.
Wework, which earlier this month announced the hire of C&W's German head of office agency Heiko Himme as its new real estate head for Central Europe, will open its first Stockholm location in early 2019.
'Stockholm is home to one of the leading tech scenes in the world and has an incredibly innovative and pioneering spirit. Our mission is to give our members the space, community, services, and flexibility they need to bring energy and inspiration to their work, while fostering collaborations with like-minded people who can help their businesses grow and succeed,' said Wybo Wijnbergen, general manager of WeWork Northern Europe.
'WeWork focuses heavily on creating attractive environments to lead the shared office industry. It is extremely satisfying to have helped enable WeWork creating an extraordinary office in the very core of Stockholm,' commented Tom Wadegård, head of tenant representation at Cushman & Wakefield in Sweden, the exclusive real estate adviser representing WeWork.
The announcement comes hard on the heels of WeWork's letting of Green REIT's entire 5 Harcourt Road building in Dublin. WeWork has signed a 20-year lease with no break options, at an annual rent of €3 mln for the 4,650 m2 building due to be completed this month.
Earlier this year it also agreed to occupy French REIT Gecina's entire Le France building on Paris’ Left Bank as well as a 12,000 m2 building owned by Gecina at 7 rue de Madrid, in Paris' 8th arrondissement.
Currently being redeveloped, Le France building will offer a total of nearly 20,000 m2 and will be delivered in October 2018.