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IWG Group has taken the entirety of The Harley Building in Marylebone, totalling 35,775 sq ft as a new flagship location for its Spaces co-working concept.
The flexible workspace provider has signed a new fixed term 20-year lease for the six-storey building, paying an annual rent of £3m with a fixed rental uplift in year 5. The landlord is a private investor represented by Christopher Tabor of TMCT Associates.
The Harley Building occupies a prominent site at the corner of New Cavendish Street and Hallam Street, just to the east of Portland Place, and recently underwent a comprehensive re-design and refurbishment overseen by award-winning architects Squire & Partners.
Founded in Amsterdam, IWG acquired Spaces in spring 2015, with The Harley Building forming the brand’s 11th UK operation, in addition to locations across the globe. Offering a creative working environment with a unique entrepreneurial ethos, Spaces is a community-driven co-working and office provider.
Its workspaces offer an inspiring environment designed to integrate lifestyle into work, with value-added services such as a full event programme and community managers encouraging members to build their networks and connect.
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 towards 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.”
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