Lloyds Banking Group has taken nearly 60,000 sq ft of flexible office space in Birmingham’s biggest office letting so far in 2023.
The company has signed for 59,896 sq ft with flex operator x+why at Foundry, at Six Brindleyplace (pictured), in the largest flexible office letting outside London this year.
As part of the move, the bank has signed a management agreement with x+why for 800 desks. It will move its 2,260 staff to the site while it refurbishes its Birmingham headquarters at 125 Colmore Row.
The group has occupied its current office, which is owned by West Midlands Pension Fund, for more than 20 years. It is refurbishing the 150,000 sq ft building in order to meet its 2030 sustainability targets and to provide enhanced facilities for staff.
Dan White, head of flex advisory for the Midlands and the South at CBRE, which advised Lloyds, said: “Birmingham has scaled up its flex office offering in the past few years… With the Lloyds Banking Group deal, we are seeing the benefit of a truly flexible offer: a short-term deal, allowing the group to relocate its staff while undertaking the comprehensive refurbishment of its HQ.
“It is proof that the flex office, far from being a threat to the traditional office occupancy model, can actually complement it.”
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