WeWork Cos., the $20 billion shared-office business, is in exclusive talks to buy a 12-building campus in the City of London financial district from Blackstone Group LP, two people with knowledge of the plan said.

New York-based WeWork has agreed to pay more than 600 million pounds ($785 million) for Devonshire Square, a group of former warehouses close to Liverpool Street rail station, the people said, asking not to be identified as the deal is not yet signed. Spokesmen for Blackstone and WeWork declined to comment.

The estate, which has more than 620,000 square feet (57,600 square meters) of offices, stores, restaurants and a private members club, was pieced together and developed by the East India Company from 1768 to 1820. The warehouses were originally designed to store silk and textiles and were later used for tea, ostrich feathers, oriental carpets, cigars, drugs, spices and other artifacts.

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