Flexible workspace provider Orega has taken an additional 9,700 sq ft of space at Barings’ 20 Old Bailey office scheme in the City of London.
The company will now occupy the entire fifth floor of the building offering 25,409 sq ft of fully refurbished flex space.
The expansion follows a tripartite agreement between Barings, Orega and OPEN Health. Orega already operates flexible workspace across two-thirds of the floor under a management agreement with Barings, with OPEN Health occupying the remaining space.
Rather than relocating at lease expiry, OPEN Health will instead transition into the newly refurbished flexible space operated by Orega.
Ben Hutchen, real estate director at Orega, said: “This deal is a win-win solution for all parties. The agreement demonstrates how flexible workspace can support changing business needs while maintaining continuity; Barings has avoided the letting void it would have faced if OPEN Health had left the building and Orega has been able to expand its flexible offering in a popular location.”
Alan Pepper, CEO of Orega, added: “I am delighted we have all been able to work together to find a solution that satisfies each of us. At Orega, we pride ourselves on working closely with our landlords and corporate JV partners and our customers to create flexible property solutions to meet all needs.”
