Posted by OBI

Posted 4 January, 2019 OBI NEWS

WeWork has taken a lease on the whole of Dalton Place, John Dalton Street, Manchester for its third location in the city. The collaborative workspace company will take the whole seven floors of the building, plus the ground floor (76,164 sq ft).

Dalton Place is the first self-contained building WeWork has taken in Manchester city centre. It comprises seven floors of workspace, ground floor reception, basement car parking over two levels for 53 cars and bicycle storage, and changing facilities.

The building was purchased by Tesco Pension Fund from Crown Estate in 2015. OBI project managed the comprehensive CAT A refurbishment project, designed by Cartwright Pickard and advised on the disposal to WeWork. Savills was joint leasing advisor.

WeWork will now under take its own internal fit-out and it is expected Dalton Place will open in spring.

David Russell-Smith, Fund Manager from Tesco Pension Fund, said: “The fact WeWork has chosen Dalton Place as the site for its first self-contained building in Manchester is a testament to the quality of the refurbishment we have delivered and the strength of the location. Co-working is a key emerging theme within the office market, and we are thrilled to be partnering on this building with WeWork, who are clearly at the forefront of this rapidly evolving sector. Manchester continues to be an important target market for us, and we are seeking further opportunities in the city.”

Richard Lace, transactions and asset management, OBI said: “OBI has been involved with Dalton Place since 2015 when the building was acquired, providing purchase advice alongside John Miles & Co. We know the building inside out, having gone on to project manage the refurbishment and this in-depth knowledge has been essential in us being able to provide WeWork with all the technical information it needed to make a quick and informed decision on acquiring the building.”

Mary Finnigan, Head of Transactions, WeWork Europe said: “We’re thrilled to be announcing our third location in Manchester with such a vast and beautifully refurbished building as Dalton Place, our first lease of an entire building in Manchester. When we look for new locations, we’re always thinking about our members and providing locations that are well connected; Dalton Place is located in between our two current locations, No.1 Spinningfields and St. Peter’s Square – as well as local shops and amenities – so we know that our many members from all three buildings can collaborate, network and spend time in the surrounding area.

“Forty five percent of WeWork member companies say that WeWork helped accelerate their growth, and we know that this location will be incredibly beneficial for them, as it is in such a thriving part of the city. We are looking forward to moving into the building next year.”