The Crown Estate is adopting a more flexible office letting strategy as part of a bid to boost take-up in its Regent Street, W1, portfolio.
This week it launched two new divisions operating under the names Regent Street Offices Direct and Offices by Regent Street.
Offices Direct, which will be headed by Crown director Bradley Williams, will target tenants looking for up to 2,500 sq ft on three-year flexible contracts.
Regent Street portfolio asset manager Jon Allgood will head the other new division, which aims to promote the Crown’s grade-A space to major occupiers.
The new divisions are part of a strategy to manage and promote 3m sq ft of offices in the Regent Street sub-market.
The Crown Estate will continue to work with agents, but wants to take a more active role in sourcing tenants.
Regent Street portfolio head David Shaw said: “Given the current material scale of offices and the potential for future growth in office space, we very much see Regent Street as a distinct 3m sq ft office submarket that is as attractive as any in London.”
He added that in the past 12 months, the Regent Street team made 160 commercial lettings, of which 90% were for offices.
joanna.bourke@estatesgazette.com
