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Jonathan Price – CRE & Flex Expert
IWG’s coworking company Spaces will take up 5,000 square meters near Shanghai’s Xintiandi complex, after occupier Kr Space failed to renew its rental of the location. The new office will take up the 26th and 27th floors of the Infinitus Tower.
This announcement comes on the heels of a $63.8 million lawsuit against Kr Space for backing out of a lease against Hong Kong-listed Chinachem as well as the recent closing of six centers across mainland China.
IWG locked in the space through partnering with the building’s owners, a joint venture between Vanke Property and LKK Health Products Group.
“We remain focused on partnering with landlords and investors in China and around the world to grow our network and ensure millions of people have the opportunity to work precisely where, when and how they choose,” said Mark Dixon, founder and CEO of IWG.
The new location is apart of Spaces’ major roll-out in key markets across Shanghai, Hong Kong, Tokyo and Singapore.
