Serviced office provider Office Space in Town announced the £21.35 million acquisition of 20-22 Tudor Street in London’s Midtown District – a marmite collective term for the Holborn, Bloomsbury St Gile, Farringon and Clerkenwell districts – and an area that recently saw ORMS bring to life a forgotten London Midtown landmark.
Set in the vicinity of what are arguably London’s best-connected postcodes, the seven-storey building is to undergo extensive renovation, which will bring 36,000 sq ft of high-spec, flexible office space complete with conference and meeting rooms, plus communal breakout areas, cafés and dining areas. The renovation also includes plans to enlarge the existing space and provide a scenic roof terrace overlooking Victoria Embankment and the Thames.
“This new acquisition complements our growing London portfolio of high-design flexible offices and with the serviced office sector in robust health, we continue to seek additional buildings to transform into the standard of offices that businesses need to expand and thrive in today’s fast-moving markets,” co-founder and CEO of Office Space in Town Giles Fuchs, commented.
The acquisition of 20-22 Tudor Street complements Office Space in Town’s existing portfolio of serviced office properties in Central London, counting locations in Mayfair, Monument, St Paul’s, Euston, Waterloo and Liverpool Street.
So are serviced offices sweeping into the picture? A July 2017 Savills report on The Future for Serviced Offices in Europe showed that the growth of serviced office space is disrupting the conventional commercial real estate market, with Central London taking the lead globally with 1,100+ serviced office locations. Unsurprisingly, serviced office providers in London accounted for 10% of total take-up in 2015 and 9% in 2016, and although initial targets were small enterprises, start-ups and freelancers, Savills says serviced office providers are now gearing up to cater for more corporate needs. London’s Midtown might just be the right crowd, then.
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Office Space in Town completes £21.35m acquisition of Midtown property, bringing yet another serviced office location to Central London