Flexible workspace provider Orega has signed a management agreement on 37,000 sq ft of space at 70 Gracechurch Street in the City of London, taking its presence in the building to more than 87,000 sq ft.
In addition to the 50,000 sq ft of flex space Orega currently manages on the second and third floors, the company is refurbishing space on the fourth and seventh floors to accommodate around 650 more workstations. The new space will open in January 2024.
The company now offers more than 220,000 sq ft of flex space from six locations in London out of a total portfolio of around 605,000 sq ft across the UK.
Ben Hutchen, real estate director at Orega, said: “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.
