AI company triples Shoreditch office space
Artificial intelligence company PhysicsX has signed for a new office in London’s Shoreditch three times the size of its former base, compounding a trend of space-hungry AI firm expansion.
The company had until recently been based at 67-71 Shoreditch High Street, E1, until festival company SXSW London took the 3,631 sq ft space on assignment.
After a cash injection of more than £25m in a capital raise last year, PhysicsX found itself needing more space to accommodate its growth.
Artificial intelligence company PhysicsX has signed for a new office in London’s Shoreditch three times the size of its former base, compounding a trend of space-hungry AI firm expansion.
The company had until recently been based at 67-71 Shoreditch High Street, E1, until festival company SXSW London took the 3,631 sq ft space on assignment.
After a cash injection of more than £25m in a capital raise last year, PhysicsX found itself needing more space to accommodate its growth.
It has agreed a lease for 10,760 sq ft across half of the first floor and the whole of the second floor in Victoria House, 64 Paul Street, EC2, owned by the Estate Office Shoreditch. PhysicsX will pay a rent of £57.50 per sq ft for the duration of its five-year lease.
The deal adds to a recent trend of upsizing AI firms, such as the text-to-speech AI start-up ElevenLabs. They have been expanding at a rate of up to 10 times their existing floorspace, according to research by Savills.
Stirling Ackroyd and Compton represented the landlord on the deal; SHB advised PhysicsX.
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