The Office Group buys Chancery House for £100m
Flexible workspace provider The Office Group (TOG) has bought Chancery House in a deal worth more than £100m.
The 150,000 sq ft property in Chancery Lane is the co-working group’s largest London property to date.
Read more: The Office Group expands into Hammersmith
Wework rival TOG bought the block near Chancery Lane and Holborn Underground Stations from Canada’s Public Sector Pension Investment Board, and plans to turn the property into its flagship office complex.
TOG co-chief executive and founder Olly Olsen 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.”
London-based TOG, which is majority owned by Blackstone real estate funds, opened York House in King’s Cross earlier this month and has recently targeted international expansion through the acquisition of five properties in Germany.
Main image credit: Getty