Teddy Sagi’s LabTech has confirmed its £200m acquisition of 90 High Holborn, WC1, from Malaysian sovereign wealth fund Permodalan Nasional Berhad.
As first reported by EG, the Israeli tech entrepreneur has acquired the 197,000 sq ft former Olswang HQ, bringing LabTech’s office ownership in the area to 600,000 sq ft.
LabTech, which owns Camden Market, NW1, provides co-working, living, events, food and entertainment space. The company currently provides workspace to 12,557 professionals in Holborn and Camden.
LabTech’s operational tech platform is designed to allow workers to share ideas and resources digitally, book and unlock meeting rooms using Bluetooth technology and allow them to get the most out of work, events and leisure spaces.
LabTech’s Holborn portfolio also includes LABS House (formerly BUPA House), Southampton Place and Hogarth House.
The deal at 90 High Holborn represents the first acquisition overseen by LabTech’s new chief executive, Chen Moravsky, who has more than two decades of experience in business development, hospitality and real estate.
Before joining LabTech, Moravsky served as the deputy chief executive and chief financial officer of PPHE Hotel Group, where he was responsible for overseeing both operational and fiscal activities.
Moravsky said: “90 High Holborn is LabTech’s most exciting acquisition in Central London to date. This latest investment reflects our commitment to re-energising Camden and Holborn.”
He added: “LabTech aim to inspire and enable people to work, live and play in a unique collaborative ecosystem.
“From start-ups, SMEs and traditional businesses, LabTech is housing the future of the British economy and I am a firm believer in the prospects of London and UK”.
CBRE advised PNB.
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