Jun 19, 2019

HSBC become one of WeWorks biggest tenants

WeWork has struck one of its biggest European deals, with HSBC agreeing to lease more than a thousand desks in London at what the shared office provider says will be the world's largest co-working space. The deal makes HSBC - which also occupies WeWork space in Hong Kong and elsewhere - one of the shared office provider's largest tenants globally. "Corporates don't want to hold long, expensive leases if they can find alternative ways to procure elements of their footprint. The benefit of something like WeWork is they have the volume and the bulk to do significant deals," said Chris Lewis, a director at Devono Cresa, which advises office tenants. Facebook has leased entire buildings from WeWork in Mountain View, California, and in London, while in Boston a catering group, ezCater, has leased 100,000 square feet - enough for up to 750 employees. WeWork itself, along with rivals such as IWG, Knotel, Convene and The Office Group, takes long leases on buildings which it then refurbishes and lets to tenants on all-inclusive contracts for much shorter periods than traditional landlords.

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