Cubo first to snap up WeWork site with Manchester acquisition

Cubo has become the first flex office operator to acquire one of WeWork’s six provincial UK sites, taking over three floors at No.1 Spinningfields in Manchester. The firm, which was launched in 2020, said it was in active negotiations to acquire more of the WeWork sites. At No.1 Spinningfields, owned by Schroder Real Estate Investment Management, Cubo has taken over 60,000 sq ft, housing 1,100 desks. Cubo first moved into Manchester at the beginning of 2024, initially taking one floor at the nearby Lincoln Building before adding a second to meet demand. It said occupancy levels reached 90% in just three months. The acquisition of No.1 Spinningfields forms part of plans announced by Cubo founders Marc and Rebecca Brough to almost double its footprint nationally – a growth strategy backed by investment firm Literacy Capital. No.1 Spinningfields will be Cubo’s 13th site across the UK. Second workspaces have been launched in Leeds, Nottingham, Birmingham and Derby and a new workspace in Glasgow will open later this month. Other new locations will be announced shortly, it said. Cubo’s offer ranges from hotdesking and designated desks to private offices and entire floors. Member benefits include large communal spaces, private areas, breakout spaces, kitchens, an inclusive barista service with beer and prosecco on tap, along with a programme of free networking events. Announcing the No.1 Spinningfields deal, chief executive Marc Brough, said: “I want to reassure all existing occupiers across the three floors of the flex office space that my team will do our absolute utmost to make the transition to Cubo as simple and as hassle-free as possible, as we integrate everyone into the Cubo community. “The new Cubo will offer an enhanced level of service to what they have come to expect from WeWork and provide access to all our workspaces across the UK. OBI Property is letting agent at No.1 Spinningfields. Cubo was represented by Walker Morris and Rigby & Co. Image © Cubo View analytics for the Manchester office market >>