Real Estate
In London, New York and Paris, a Giant Office Bet Is Going Wrong
As companies around the world insist on only the very best and newest office blocks, Korean real-estate investors look especially vulnerable to the impact.
The One Poultry building in the City of London.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
A trip to the restaurant that sits atop the No. 1 Poultry office block in London’s financial district is a chance to experience firsthand the Tale of Two Cities that’s upending the commercial real-estate market.
From the vantage point of the Coq d’Argent you can gaze out at a forest of new skyscrapers that developers hope will bring in big rents and even bigger prices. For the South Korean owners of the older WeWork-occupied building down below, the future looks far bleaker.