Helical has signed a management agreement with a new flex operator to provide serviced offices at its 312,573 sq ft scheme the Bower, EC1, following its decision to forfeit the leases it held with WeWork.
InfinitSpace, which has already signed six previous WeWork members, will operate the first and second floors at the Tower.
Prior to the end of 2023, the landlord also signed a new lease with WeWork outside the Landlord and Tenant Act. The lease, which is set to last until 30 May 2024, allowed the co-working provider to maintain space on the third floor at the pre-existing rent to enable it to keep its obligations to its customer Stripe.
In November, Helical agreed a short-term licence arrangement with WeWork after it paid back the money it owed for rental arrears from the September quarter.
The landlord has also let the 9,568 sq ft 14th floor to existing tenant Incubeta, which will move from the 16th floor, at a rent above the March 2023 ERVs.
The deals take the Tower to 85% let, up from 62% following the forfeiture of the original WeWork leases. The second and third office buildings on the site, the Warehouse and the Studio, are 100% let.
In a trading update issued today, Helical said as of 8 January, it had collected 97.7% of its December quarter rent. It expects to collect a further 0.9% via agreed payment plans, with the remaining 1.4% under discussion.
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