KUALA LUMPUR (May 25): Permodalan Nasional Bhd (PNB) has leased out the entire office space in Aviation House, one of its property assets in London, to WeWork Companies Inc.  

In a joint statement, both companies said today that under the 20-year lease between PNB and WeWork, the latter would occupy the eight upper floors in the Grade A office and retail building. However, the value of the lease contract was not disclosed. 

PNB president and group chief executive Datuk Abdul Rahman Ahmad said the long-term lease with WeWork provides opportunity to transform the building and enhance the value of the property. 

"We look forward to seeing the improvements and vibrancy that WeWork will bring to the building and to explore other opportunities to collaborate with WeWork in the future," Abdul Rahman said.  

WeWork senior vice president real estate Patrick Nelson said the strategic location of Aviation House will be beneficial to its members, as it will provide them with opportunities to collaborate with a like-minded community of entrepreneurs and businesses.  

"We are delighted to be adding Aviation House to our London portfolio. Our 24 open locations in the City have already proved incredibly popular, and we're thrilled to be expanding here with the historic Aviation House," he said.  

Boasting over 26,000 members, WeWork provides flexible workspaces and scalable business services for a community of creators and entrepreneurs. Aviation House is located across the Holborn Underground Station, with close proximity to the upcoming Crossrail that will be completed in December 2019. 

WeWork's presence is said to be part of the rejuvenation of the Aviation House, which was acquired by PNB in 2014.