HELICAL PRE-LETS A THIRD OF THE BOWER SECOND PHASE

RNS Number : 0017Q

Helical PLC

24 November 2016

 

24 November 2016

HELICAL PRE-LETS A THIRD OF THE BOWER SECOND PHASE TO WEWORK

        Milestone letting cements The Bower as go-to Old Street location

Helical, one of London's leading developers, is pleased to announce a 59,000 sq ft pre-let, comprising levels one to six at The Tower within The Bower development to WeWork, the global provider of flexible, collaborative co-working space. The agreement represents over a third of the total space available at the second phase of The Bower, Helical's flagship mixed-use development in Old Street.

Designed by renowned architects AHMM, The Tower is currently under construction and will provide 171,200 sq ft of Grade-A office space, on seventeen levels, with two additional ground floor retail units totalling 7,200 sq ft.  Due for completion in July 2018, it sits adjacent to the completed first phase of development at The Bower, 140,000 sq ft of prime office space which is fully let to a range of tenants, including CBS, Stripe, Farfetch, Allegis, Pivotal and John Brown Media, as well as a full complement of high quality food and beverage operations including Bone Daddies, Enoteca de Luca and the Draft House. 

The Tower's modern design and strong location directly next to Old Street roundabout is ideally suited to a company like WeWork which is looking for flexible, spacious and well-connected premises as it continues to expand its Tech City footprint. The Bower will add to WeWork's portfolio of eleven currently operating locations, as well as additional signed locations across London. The space at the Bower will have the capacity for around 1,000 WeWork members, and will expand WeWork's presence in Tech City, an area that has been of high interest to WeWork members and potential members.

Gerald Kaye, Chief Executive of Helical plc, commented: "WeWork is an incredibly dynamic and exciting organisation, whose concept of shared working will ideally complement the new community we are creating at The Bower.  This pre-let is both a strong endorsement of our capabilities in, and approach to, creating London's leading places and spaces that people want to work in, as well as a wider vote of confidence in London's ongoing appeal as a centre for both corporate and creative businesses."

Patrick Nelson, Head of Real Estate for WeWork in Europe, added: "We are delighted to add another prominent location to our London portfolio and the design and quality of this building will help deliver an exceptional experience to our members.  We are very pleased to have partnered with Helical to form a key part of The Bower Estate community."

In close proximity to the City of London, and on the edge of thriving Shoreditch, The Bower's modern aesthetic is fused with industrial features, aimed at creating a working space that caters for a variety of sectors, in keeping with the dynamic of the local area.

The remaining 112,000 sq ft offers innovatively designed interconnected floors for businesses looking for self-contained multiple level offices.  All tenants of the Tower will benefit from the shared facilities and amenities at The Bower, which include cafes, lounges, a bike store and shower rooms.

Helical were advised by JLL and Colliers.

Further details on The Bower can be found at www.theboweroldst.com

For further information please contact:

Helical
Gerald Kaye/Tim Murphy	Tel: [phone]
FTI Consulting
Dido Laurimore/Tom Gough/Richard Gotla	Tel: [phone]

 

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