Greycoat has acquired London's 90 High Holborn from LabTech, the property developer owned by Teddy Sagi, for £180 mln (€216 mln), in one of the few big-ticket investment transactions in the London office market this year.
Purchased by LabTech in 2018, the 90 High Holborn building comprises 183,000 ft2 of (17,000 m2) workspace centred around Holborn's famous Sicilian Avenue.
A few minutes’ walk from Holborn station, the property houses a variety of workspaces, event spaces, and meeting rooms for more than 3,500 workers.
One of the main tenants of 90 High Holborn is Labs, the flexible workspace brand of LabTech. Founded in 2017, Labs provides coworking space to over 6,000 people from 350 businesses of all sizes, across nine locations in the heart of Camden and in the West End. All Labs spaces have over 90% occupancy rates. Labs will continue to operate as usual in 90 High Holborn.
Eylon Garfunkel, CEO of LabTech, said: 'The sale represents a key milestone in our strategy to acquire and transform commercial assets with strong fundamentals in terms of location, ability to add value and high occupancy rates.'
