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Israeli billionaire Teddy Sagi founded company LabTech has today announced the acquisition of 90 High Holborn, their largest Central London acquisition to date. The 197,000 square foot building houses 3,671 workers in dynamic workspaces. This latest £200 million investment bolsters LabTech’s strong real estate portfolio that is managed by their operational tech platform.
LabTech continues to build urban communities across London with this acquisition, providing co-working, living, events, food and entertainment. Enabled by technology and powered by people, LabTech will allow the large communities to collaborate effectively sharing resources including technology, infrastructure, cultural facilities and ideas.
90 High Holborn has a rich history and its distinctive glass façade has gained it landmark status in Holborn. The property is situated in Midtown, which in recent years has been transformed by private investment into a business microcosm of blue-chip companies, most notably Google, Warner Bros and Yahoo. This growth is set to continue, with two of Crossrail’s most significant stations soon to open in the area.
The company houses a total of 12,557 workers from a range of professions across London, concentrated in vibrant working communities in Holborn and Camden. With LabTech’s operational tech platform workers can share ideas and resources digitally, book and unlock meeting rooms using cutting edge Bluetooth low energy technology, and more, allowing them to get the most out of state of the art work, event and leisure spaces.
This is the first acquisition to date overseen by LabTech’s new CEO Chen Moravsky, who brings over two decades of experience in business development, hospitality and real estate to the company. Before joining LabTech, Moravsky served as the Deputy Chief Executive and CFO of PPHE Hotel Group, where he was responsible for overseeing both operational and fiscal activities across the business.
LabTech was founded by serial tech entrepreneur Teddy Sagi, who is known as a visionary in the space. Sagi owns Camden Market and Sicilian Avenue, both of which are world famous for their rich heritage.