Blackstone-backed The Office Group snaps up London office block

Flexible workspace provider The Office Group (TOG), which is owned by global alternatives giant Blackstone, has bought office property Chancery House in central London in a deal understood to be worth more than £100 mln (€115 mln).

TOG purchased the block, which is located near Chancery Lane and Holborn Underground Stations, from Canada’s Public Sector Pension Investment Board. The London-based coworking firm plans to turn the 150,000 sq ft (14,000 m2) property into its flagship office complex.

Commenting on the deal, 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.'

Earlier this month, TOG opened York House in London's King’s Cross and has recently targeted international expansion by buying a handful of properties in Germany. The WeWork rival says it currently has over 50 properties in the UK and Germany.

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