IWG Group has taken the entirety of the Harley Building in Marylebone, W1, for its Spaces co-working concept.
The flexible workspace provider has signed a 20-year lease for the 35,775 sq ft six-storey building, paying an annual rent of £3m with a fixed rental uplift in year five.
The Harley Building, which occupies a prominent site at the corner of New Cavendish Street and Hallam Street, recently underwent a comprehensive refurbishment overseen by Squire & Partners.
Spaces is a community-driven co-working and office provider. Founded in Amsterdam, IWG acquired Spaces in spring 2015. It has locations across the globe and the Harley Building will be the brand’s 11th UK site.
Rhodri Phillips, partner at Gerald Eve, said: “In a great location, and benefitting from a stunning refurbishment, the Harley Building is the perfect site for the Spaces brand. The thinking behind the building was to create a beautiful light, open space that lent itself to modern working, and this deal underlines not only the success of this strategy, but also the continuing strength of the flexible workspace market in the capital.”
The landlord, a private investor, was advised by Gerald Eve, Bluebook and Pilcher Hershman and Christopher Tabor of TMCT Associates.
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