PNB leases out London Aviation House office space to WeWork

PETALING JAYA (May 25): US-based shared office space provider WeWork Companies Inc (WeWork) is now Permodalan Nasional Bhd’s (PNB) newest tenant at its historic Aviation House building in London.

According to a joint statement by PNB and WeWork, both parties have inked a 20-year leasing agreement on May 15, 2018 with WeWork taking up 130,000 sq ft or the upper eight floors (entire office space) of Aviation House located in Holborn, London.

The rental rate was not specified in the statement.

The Grade A office and retail building is situated across the Holborn Underground Station with close proximity to the upcoming Crossrail that will be completed in December 2019.

Aviation House is one of PNB’s property assets in London which was acquired in 2014. The largest fund manager in Malaysia currently has two other assets in London — One Exchange Square and PNB House.

PNB President and group CEO Datuk Abdul Rahman Ahmad said the signing of the long-term lease with WeWork provides the opportunity to transform the building and enhance the value of the property.

“Aviation House was built in 1991 and it has been almost 20 years since its last revamp.  We look forward to seeing the improvements and vibrancy that WeWork will bring to the building and to explore other opportunities to collaborate with WeWork in the future,” he added.

WeWork Real Estate senior vice-president Patrick Nelson said it is thrilled to expand their footprint to the historic Aviation House.

“The building is well-connected by transport and has spectacular architectural elements, such as its old-church entrance. These aspects, as well as easy accessibility to local shops, restaurants and other local amenities, will be beneficial for our members and will provide them with opportunities to collaborate with a likeminded community of entrepreneurs and businesses,” he said.

In London, WeWork has 24 open locations and more than 26,000 members.