The Kirsh Group has signed insurance giant Allianz to take all of the space formerly occupied by coworking group WeWork at 15 Bishopsgate for its City headquarters.
Allianz has signed for all 54,000 square feet of offices at the building on the Tower 42 estate. In a LinkedIn post, the estate said the space had "barely reached the market before being identified as a prime relocation opportunity for Allianz".
It added: "As part of our shared environmental ambitions, the upcoming refurbishment will target EPC A, by making the building 'all-electric'."
German insurer Allianz is relocating from its nine-storey home in the City of London at 60 Gracechurch Street.
Japanese investor Obayashi Properties UK gained consent last week for a £500 million, 36-storey tower redevelopment that would comprise 652,702 square feet of floor space and 559,882 square feet of offices. The site at 60 Gracechurch Street is houses a 174,000-square-foot building square feet, with shops on the ground level and two basement levels.
WeWork, the global flexible space provider, said in June it had completed lease negotiations as part of its strategic restructuring in the UK and Ireland, as reported.
Describing it as a "landmark moment", it said the remaining operations in London, Cambridge, Edinburgh, Birmingham, Manchester and Dublin, "underscores its commitment to delivering an outstanding workspace environment and best-in-class service to its members", following the process which began in September 2023.
According to its website then it had 40 locations in the two countries. It had shed six sites since CoStar News analysed its portfolio in November of last year: 127-131 Finsbury Pavement, 15 Bishopsgate, 19-25 Long Acre and 76-78 Clerkenwell Road, all in London; plus Quay Street in Manchester and 5 Harcourt Road in Dublin.
WeWork had been letting go of its massive portfolio of British and Irish offices for several years, but that process accelerated last year as it said it needed to renegotiate leases to shore up its business in a "going concern" warning.
The shared office space provider filed a petition for Chapter 11 bankruptcy protection in the United States, limited to its home country.
CBRE and Ingleby Trice advise the Tower 42 Estate. Colliers advised Allianz.