Boodle Hatfield advises Runway East on the joint venture agreement for its ninth site in Bloomsbury
Boodle Hatfield has advised flexible workspace operator, Runway East, on a landmark joint venture flex space transaction at 24-28 Bloomsbury Way, London WC1.
The flexible workspace operator celebrates its ninth site, with a net internal area of 44,392 square feet over six floors and will open from Winter 2023 following a major refurbishment and fit-out. Runway East’s other London spaces include Aldgate East, Shoreditch, Borough Market, London Bridge and Soho, alongside two sites in Bristol and one in Brighton.
Runway East CEO Natasha Guerra said in a statement: “Bloomsbury, part of Midtown, has a strong established office market and is home to global household brands in the legal, creative and design sectors. The opening of the Elizabeth line has only made it more accessible with over 45% of working aged Londoners able to commute there within 45 minutes – making it one of the easiest places to commute to.” She added: “There has been a fundamental shift in how we use space and our deal is reflective of that change. Businesses are consolidating the space they need and collaborating with operators like us to create in-demand offices with stronger cultures for their staff while better meeting their commercial needs. I’d like to thank David & the team at Boodle Hatfield for their great work in helping us bring our latest space to life. ”
Commercial Real Estate Partner, David Rawlence comments: “We are delighted to have advised Runway East on this innovative joint venture agreement and substantial fit-out. Once completed, this building will provide a dynamic environment for over 800 professionals from SMEs to satellite corporate offices. This transaction is reflective of the shift in demand as more and more companies seek to adapt their workspaces.”
The transaction was led by Commercial Real Estate Partner, David Rawlence with assistance from Construction Associate, Oliver Johnson. The deal was brokered by flex and joint venture specialist g8 Consult, acting for Runway East and James Andrew International acted for the leaseholder. The transaction has been widely reported in the trade media including in CityAM, CoStar, Property Week and Estates Gazette.