The owner of 1 Poultry, one of coworking group WeWork's flagship City of London offices, has served notice that it is taking back the space.
WeWork occupies around 108,000 square feet at the eyecatching building, opposite the Bank of England.
The Sir James Stirling-designed 1 Poultry was completed in 1998 and is the youngest building in Britain to be awarded a Grade II* listing. WeWork leased the entire office space in May 2018 to create its flagship location in the City, while the Coq d’Argent restaurant with its rooftop views over the skyline has successfully traded there since 1998.
Subsequent to WeWork's letting Korea's Hana Alternative Asset Management, Brydell Partners and Industrial Bank of Korea completed the £175 million of the iconic development from Aermont.
Natalie Lovett, general manager, WeWork, UK and Ireland, said in a statement supplied to CoStar News: "Due to the landlord’s decision to serve us with notice to take back the building as per the lease agreement, WeWork’s tenancy at No 1 Poultry will be coming to an end. With a strong network of locations in the City and across the capital, we are well placed to support our members through a smooth transition to nearby WeWork spaces. We remain committed to providing high-quality workspaces that help our members do their best work.”
It is understood Basil Demeroutis's Fore developer and investment firm is advising the Korean consortium that owns the building on a repurposing.
WeWork said in September 2023 it was attempting to renegotiate most of its leases globally. It typically leases buildings on long-term leases and then agrees deals with tenants for the space with a package of services agreed at much shorter terms.
In November 2023 it filed for Chapter 11 bankruptcy protection in a move that it said only affected its business in the United States and Canada.
WeWork announced in June 2024 that it had completed its lease negotiations in the UK and Ireland as part of a strategic restructuring of its remaining operations in London, Cambridge, Edinburgh, Birmingham, Manchester and Dublin. It also exited Chapter 11 bankruptcy protection in June.
It has been shedding its massive portfolio of British and Irish offices for several years, a process that accelerated in 2023.