Industrious in, WeWork out at Finsbury Pavement

Royal London Asset Management Property has signed flexible workspace provider Industrious for its 70,593 sq ft 131 Finsbury Pavement, EC2.  Industrious replaces WeWork in the building. EG revealed last month that the struggling flex operator was shutting down its operations in the building. It took the entirety of the property on a 15-year lease in 2017. 131 Finsbury Pavement will become Industrious’s largest UK location and sixth UK property. Tom Redmayne, managing director and head of Europe at Industrious, said the acquisition of the space was part of the firm’s plans to “double down on London” as part of its European network strategy. “Royal London Asset Management’s building will greatly complement our existing City locations at 70 St Mary Axe and 77 Coleman Street, which have been two of our top performing units globally, and allow us cater to the pent-up flex demand that we are seeing in the market from both local and global businesses,” he said. Sam Beldam, asset manager at Royal London Asset Management Property, added: “We are really looking forward to working with Industrious at 131 Finsbury Pavement and transforming it into an improved and successful modern service offering. Royal London Asset Management Property is pleased to support Industrious’ European expansion plans and excited to grow our exposure to this evolving sector of the office market.” US-headquartered Industrious has more than 200 locations in 65 cities across 10 countries. Redmayne was appointed to grow its European business in December, as revealed by EG.  WeWork, which filed for bankruptcy in the US last November has been in talks with landlords around the world over lease renegotiations. Numerous sites in London have been marked for closure alongside Finsbury Pavement, including Deka’s Cursitor Building at 38 Chancery Lane, WC2, 22 Long Acre, WC2, and 15 Bishopsgate, EC2. RLAM was advised by law firm Gowling WLG. Image © Morrow + Lorraine