Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Almacantar, property investment  and development company and long-standing client, on the pre-letting of over 280,000 sq. ft. to WeWork, the co-working operator, at Two Southbank Place in London. The transaction is the largest pre-let in this real estate market this year and will be the largest property in WeWork’s portfolio, which boasts locations in 44 cities around the world.

Two Southbank Place is part of a new 1.4 million sq. ft. mixed-use development next to the River Thames and Waterloo Station. The development, which includes One Southbank Place, which has been pre-let by Shell, is a joint venture between Canary Wharf Group and Qatari Diar. The WeWork deal means that Almacantar has now fully pre-let the office space at Southbank Place, one year ahead of the development’s completion.

Mike Hussey, Chief Executive of Almacantar said: “WeWork is an admirable brand, and the perfect occupier for Two Southbank Place. The commitments from Shell and WeWork at Southbank Place support our conviction that Canary Wharf Group and Qatari Diar are creating one of the highest quality mixed-use projects in Central London. A whole cross-section of London’s office occupiers are adopting the co-working model as a way of managing costs and generating new business simultaneously. It is a growing part of the office letting scene and will get more popular as better and larger facilities open in accessible locations like Waterloo”.

Freshfields partner Alex Watt said, "We are delighted to have worked with Almacantar on this landmark pre-letting and to be continuing both our involvement in this exciting development scheme and our work with Almacantar's excellent team".

The Freshfields team was led by partners Alex Watt and Victoria Hills, with support from senior associate Palina Pradhan and associate Christine Partridge.

Freshfields previously advised Almacantar on its 2015 purchase of the One and Two Southbank Place development sites from Canary Wharf Group and Qatari Diar and on its earlier acquisitions of the iconic Centre Point Tower and Marble Arch Tower in London’s West End.