Blackstone-backed UK flexible workspace provider The Office Group (TOG) has made its largest London property investment to date, reportedly paying over £100m for the Chancery House building.
TOG said it has bought the 150,000sqft building from Canada’s Public Sector Pension Investment Board to add to its existing portfolio of 51 properties, totalling over 2.1m sqft.
TOG’s portfolio includes an international portfolio made up of five new properties in Germany, totalling 330,000sqft.
Olly Olsen, co-CEO and founder of The Office Group, said: “Fuelled by our desire to reimagine and improve the way people work, Chancery House gives us the perfect opportunity to add another unique property to our portfolio; providing amenities, including a gym, cinema, café and gardens and productive ways to work for our new and existing members.
“The market continues to evolve, with flexible workspace growing greater market share. The benefits of flexible office space improve productivity dramatically, with growing and mature businesses becoming increasingly aware of the advantages in attracting and retaining employees.”