Leading flexible workspace announces third Management Agreement in London in just three months to create further modern flexible office space in prestigious location.
Orega, the flexible workspace provider, has completed another new Management Agreement to create further high spec flexible workspace at 70 Gracechurch Street, EC3. The new space will open in January 2024
The 37,000 sq ft of flexible workspace will be newly refurbished to provide around 650 workstations on the 4th and 7th floors of the building. In addition, there will be substantial collaboration spaces and meeting room services.
Orega already has management agreements in the building and operates 50,000 sq ft. of flex space on the 2nd and 3rd floors. The scheme has been hugely successful to date and is consistently at 95+% occupancy. Orega plans to manage the new space in a similar successful way.
The new space means Orega will therefore be managing over 87,000 sq ft of flex space at Gracechurch Street, a testament to how successful it has been with its current flex space in the building.
70 Gracechurch Street is a 200,000 sq ft building located in the heart of the City, just minutes from Bank tube station. It is close to many local amenities including restaurants, coffee bars, gyms and retail and is situated next to the historic Leadenhall Market, one of London’s oldest marketplaces.
The new workspace is designed to be a modern, flexible base for the area’s professional and financial businesses, and will offer brand new:
- Design-led space that focuses on hospitality
- A wide choice of different working zones space
- Large meeting room suite
- More space person than the industry norm
- On-site shower and changing facilities
- Unlimited barista-quality coffee
- Secure bike storage facilities
The new space will help consolidate Orega’s offering of flexible workspace in the City.
Orega recently announced the acquisition of 27,832 sq ft at 70, Mark Lane, EC3 and approx. 36,000 sq ft at 51, Lime Street EC3 in August. The expansion at Gracechurch Street therefore is the third management agreement it has announced in the City in the last three months.
The company now offers flex space from six locations in London, where it now runs over 220,000 sq feet of space out of its total portfolio of around 605,000 sq ft across the UK. It is the UK’s leading provider of flexible workspace under Management Agreements (as opposed to leases).
Ben Hutchen, Real Estate Director at Orega, commented: “Given the changing nature of working patterns, high quality flex space in London is increasingly popular. Latest research from the Instant Group* shows that occupancy rates in London are higher than average, as are occupancy rates for higher end quality space.
Our current space at Gracechurch Street has been in high demand, particularly post the pandemic. We are excited about the opportunity to operate further high-quality state of the art flexible office space in this prestigious location.”
Alan Pepper, CEO at Orega added, “We will now be managing over 87,000 sq ft of flex space from Gracechurch Street, a testament to how successful we have been with our current flex space in the building. This latest announcement means Orega’s London portfolio represents over 36% of our total portfolio and illustrates our belief that despite current uncertain market conditions, the demand among London businesses for high end quality flexible workspace remains high.”
Allsop advised the corporate occupier on the management agreement.
*The Instant Group has also forecast that by 2030 the flexible workspace market will have grown by over 500% and make up at least 25% of the UK office market”.