WeWork and Aviva Investors have entered into a lease and revenue share agreement at 50/60 Station Road, a landmark office redevelopment in the centre of Cambridge. The agreement, a first for WeWork outside of London within the UK & Ireland, follows similar deals that it has entered in London and in other markets across the world, allowing landlords the opportunity to share in the upside that WeWork generates.
WeWork has agreed to lease three floors at 50/60 Station Road, a Grade A office building developed by Aviva Investors and Brookgate which is almost 90% let to a range of national and international occupiers. The building forms the centrepiece of the CB1 estate, a market-leading, mixed-use regeneration scheme being delivered around Cambridge train station, the city’s central transport hub.
Patrick Nelson, Head of WeWork EMEA, Real Estate said: “We’re pleased to announce that we’re working with Aviva Investors on this new location, offering both parties a share of future revenue. At WeWork, we have the brand value, the global footprint, and the member base to make revenue share locations a success, and so agreements like this make perfect sense. In Cambridge, our members will have access to dozens of events each week, and they’ll also be able to engage and collaborate with other members from different companies. Our spaces are designed to foster human connection and we know businesses are reaping the benefits: we recently found that a third of all members in London, for example, said other WeWork members had given them ideas on how to improve their businesses. 80% of them also reported increased productivity since moving to a WeWork. We look forward to welcoming businesses of all sizes to our 100,000 member-strong community in EMEA, and our global community of over 466,000 members.”
Melanie Collett, Head of Asset Management, Real Estate, Aviva Investors, said: “The increased demand for flexible office space is one of the most exciting changes taking place in the industry and one we are embracing across our office portfolio. We are therefore pleased to enter into this innovative partnership with WeWork, which has built a reputation as the market leader in the provision of shared workspaces. Furthermore, Cambridge is one of the leading hubs for ambitious entrepreneurs in the UK and one of our core investment locations. WeWork is the latest tenant to join our roster of high-quality tenants at CB1, which demonstrates our ability to create leading destinations where communities can live, work, play and learn.”
Sven Topel, Chief Executive, Brookgate, said: “WeWork choosing CB1 is great news for Cambridge and will provide the kind of flexibility of space that many companies require to remain nimble and reactive to constantly changing markets. It will also contribute significantly to the diversity of businesses we have operating at CB1 and help further foster collaboration and community in the area.”
