New deal completed in Shoreditch

I am thrilled to announce the completion of another significant Flex transaction for g8 consult: a 20-year joint venture at 52-60 Tabernacle Street, negotiated on behalf of my clients Runway East. Many thanks also go to Simon Smith at Farebrother for representing the owners on this deal, a significant private property company, and David Rawlence at Boodle Hatfield, our solicitors.

The building and operator are an ideal match: Runway East's bright, exciting designs and client base will perfectly complement Shoreditch's vibrant creative and tech scenes.

The iconic (and newly refurbished) building is 2 minutes’ walk from Old Street station. It will provide 23,000 sq ft of flex space with all the amenities you would expect: stunning terrace, showers & changing facilities, on-site café, dedicated collaboration space and much more. I have no doubt that the building will be a huge success and understand that pre-sales are already ahead of expectations.

In addition, I believe that the deal gives us a glimpse of the future.

Increasingly, landlords want to get closer to providing a Flex offering - and to the customer. They want more:

✅ Control over their asset

✅ Ownership of the relationship with the occupiers

✅ Influence over the operational model

Given the above, it is clear that we will see more of these kinds of deals, as both landlords and FW operators experiment with new joint venture platforms designed to accelerate growth in the post-pandemic era.