The Carlyle Group has entered the London flexible office and co-working sector with a commitment to invest £150m in the launch of its “Uncommon” brand.
The alternative investment manager has announced it has bought three offices for the concept, totalling 69,000 sq ft in Islington, Fulham and Borough.
Together, they will provide 1,300 desks.
Carlyle is working with a joint venture partner, the Adir Group, on the management of the Uncommon business and its facilities.
Its strategy is to expand the Uncommon flexible office and co-working platform over the next 18-24 months in locations across London with strong transport connections. Carlyle believes that changes in working patterns and mind-set, as well as occupiers’ increased requirement for cost-effective space – with high levels of service and a focus on the connection between employee wellbeing and productivity – will continue to drive demand for flexible, collaborative workplaces.
Uncommon aims to capitalise on growing demand from both established companies and an increasing number of small businesses and start-ups in the capital – businesses that need flexibility to expand and contract as the size of their operations changes and that value the flexibility for their employees provided by space in convenient locations.
Peter Stoll, managing director at the Carlyle Group, said: “As an emerging sector, we see the market for new concept working environments continuing to strengthen. An increasing number of businesses favour the flexibility and collaborative nature that this type of space offers. This, coupled with our belief that London will continue to be a global centre of business and innovation, gives us confidence in our strategy.
“Being both the owner of the property and owner-operator of the business sets us apart from the flexible office competition. Working with the excellent and highly entrepreneurial team at Adir Group allows us to provide a high-quality and competitive product.”
Chris Davies, director at the Adir Group, added: “Over the past few years there has been a major shift in the office market. Managed office space is no longer the preserve of the unambitious, bland occupier. People demand interesting and versatile space that is flexible enough to adapt as they do. This is appealing to start-ups and far larger businesses – our largest occupier currently has 226 employees. The economy is driven by SMEs, so we will provide high-quality space for our members.
“Uncommon goes so much further than any other flexible workspace. We want people to feel better about being at work, so we have applied the very latest thinking in sound design, aroma, ergonomics and the psychology of productivity. We don’t believe anyone else in the sector has taken such a close look at wellbeing at work. This isn’t just about the occasional yoga class or desk massage – this is a completely different way of looking after your members, and a real breath of fresh air in the industry. We are very excited to be working with the Carlyle Group to grow this platform over the coming years.”
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