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WeWork signs largest single grade A office leasing deal in Shanghai in 2017

WeWork Cos. agreed to lease the entire China Overseas International Center building in Shanghai's Huangpu district, marking the region's biggest single premium office leasing deal in 2017.

The co-working giant signed on for approximately 290,000 square feet of space in the newly built property owned by China Overseas Land & Investment Ltd. It will be the co-working space provider's largest office in the Asia-Pacific region.

Eddie Ng, managing director of JLL Shanghai & East China, said the deal shows the region's rising demand for flexible work space, and the appeal of these innovative office strategies to a growing number of large corporations.

The New York-based co-working space provider opened its first location in China in July 2016, and has nine locations in Beijing and Shanghai with about 10,000 members. In late July, a Chinese vehicle was set up by Hony Capital and Japan's SoftBank Group Corp. to support WeWork's planned expansion in the country, with the two committing an investment of US$500 million. Nearly a month after, Softbank said it will pour in US$4.4 billion into the co-working space operator to accelerate expanding its global footprint.