Flexible workspace provider expands in London with new ‘prestigious’ location

Flexible workspace provider Orega 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 per cent occupancy or above. 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 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 approximately 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.

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.”

By Matthew Neville – Senior Correspondent, Bdaily

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