Flexible workspace specialist GKRE has successfully acted for existing clients The Space on the acquisition of two new key central London locations.
120 Regent Street is a self-contained unit that sits above Zara and is 14,305 sq ft over four floors. The Space has taken a new sublease for a term of 19 years and will open the new building in late summer 2017.
Irongate House, 22-30 Dukes Place, Aldgate EC3 has been recently refurbished by Aviva. The Space has entered into a new 15-year lease of this distinctive self-contained seven-storey building located in an exciting City fringe location. It is expected to open in June.
The Space has built its reputation by focusing on the location of its buildings as well as on the service it offers and the quality of design of its centres. It now has seven buildings, which in total comprise just under 100,000 sq ft.
Its new centre in London’s Regent Street puts it in the heart 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 stylish, high quality serviced offices and co-working facilities. The two new centres follow the opening of 235 High Holborn, London WC2 by The Space at the beginning of last year, which was also acquired by 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.
Co-founder of The Space, Matthew Davies, said of the acquisitions:
“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.
“We are grateful to Will Kinnear of GKRE for his help in identifying these opportunities for us and seeing the deals over the line. Will’s expertise in the flexible office market has been invaluable and we look forward to working with him in the future.”
GKRE director Will Kinnear said: “I was delighted to work with Matt and Corina and help them add two new buildings to The Space’s already impressive portfolio. All their buildings are outstandingly designed and provide the type of space every modern occupier is looking for. I look forward to seeing these when they open and expect them to be extremely popular with occupiers.”
The Space was represented by GKRE in both transactions. Savills were the letting agents on 120 Regent Street and Aviva were represented by JLL at Irongate House.
GKRE is the UK’s leading specialist flexible workspace agency. Founded in 2013, the directors bring to GKRE more than 25 years’ experience in the flexible workspace industry between them. GKRE works with operators and landlords across the UK, from major PLCs to independent companies.