Serviced office provider ‘The Spacebuildings in Central London, in West End and the City.has signed up for 40,000 sq ft across two
According to PropertyWeek, the company has taken a 19-year sub-lease on 14,305 sq ft in a self-contained unit that occupies four floors above the Zara store at 120 Regent Street. The new building will open in late summer.
In the City, the company has signed a new 15-year lease on around 25,000 sq ft at Irongate House, located at 22-30 Duke’s Place in Aldgate. The building has recently been refurbished by landlord Aviva and The Space is set to open there in June.
The company now has space in seven buildings totalling just under 100,000 sq ft, in areas such as Old Street, Shoreditch, Tower Hill and Holborn.
Its new centre in London’s Regent Street puts it in the centre of what has become a key area for flexible workspace. Regent Street has been a major retail location for many years but the “shortage of good quality stock” on the market and its proximity to Soho has made it an attractive place for flexible workspace as well.
Both buildings will be fitted out to provide high quality serviced offices and co-working facilities. The two new centres follow the opening of 235 High Holborn, London WC1 by The Space at the beginning of last year.
According to GKRE, “these further acquisitions are yet more evidence of the growing maturity of the flexible workspace market and the increasing demand for this type of space in prime central London locations.”
“We see Irongate House and 120 Regent Street as perfect additions to The Space’s expanding portfolio. We believe they will be a perfect fit with our other buildings and have every confidence they will be a great success”, said the firm’s co-founder Matthew Davies.