Russia’s largest WeWork space to open at White Square

December 12, 2018. O1 Properties has signed a lease contract with WeWork, the global community company, at the White Square business centre, which is owned and operated by O1 Properties. The new WeWork space will occupy 5 887 square meters at White Square, making it the largest WeWork site in Russia and one of the largest in Central and Eastern Europe.

WeWork will be located on the 5th and 6th floors of building A at White Square. The business centre is located in an established business district with numerous restaurants and cafés, and WeWork users will be the neighbors of over 100 large companies, which have offices at White Square. The centre is immediately next to hotels, metro and a railway station with direct connection to Sheremetyevo Airport.

Misha Konoplev, General Manager, WeWork Central & Eastern Europe says, "We are delighted to be adding White Square to our Moscow portfolio. Located in a central part of the city, the building is well-connected by Belorusskaya Metro Station and is easily accessible to local shops, restaurants and other local amenities. We know this location will be beneficial for our members and will provide them with opportunities to collaborate with a likeminded community of entrepreneurs and small businesses, as well as larger enterprise companies who take up 29 percent of our global membership."

Pavel Barbashev, head of asset management and leasing at O1 Properties, says: “We believe in the unique WeWork format, which uses modern technology platforms to do more than provide business space. WeWork encourages residents to communicate and interact for the benefit of their businesses. We are pleased that the largest WeWork space in Russia will be located in a flagship business centre of O1 Properties.”

WeWork is one of the fastest-growing networks for shared work space, offering everything from technical support and cleaning to meeting and event facilities. More than 320,000 residents and over 20,000 companies of various sizes currently work at WeWork locations worldwide. Users vary from start-ups to large global corporations, including Delta, IBM, KMPG, GE, Dropbox and Samsung. More than 70% of WeWork members work together and the company's international offices serve as convenient centres for business meetings. The WeWork concept provides greater flexibility for both multinationals and small and medium-sized businesses.

White Square is one of the best-known and highest-quality business centres in Moscow. The complex consists of three buildings, joined by a pedestrian zone with a fountain and modern art works. Convenient location next to Belorusskaya metro station, impressive architecture and excellent neighborhood infrastructure (including restaurants and cafés) make the centre a popular choice for meetings and business communication. The building layout and panoramic windows create flexible, bright, modern office spaces and allow tenants to implement design ideas that support their brand and image. White Square business centre is certified compliant with the global BREEAM environmental efficiency standard.

Colliers International acted as consultant to the transaction.

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