g8 completes landmark joint venture Flex transaction at 24-28 Bloomsbury Way

g8 Consult has completed a landmark joint venture Flex transaction at 24-28 Bloomsbury Way with clients Runway East representing our second major transaction together in the busy Central London flex marketplace.

Runway East will transform the 45,000 square feet of surplus office space into an innovative workspace following a major refurbishment this summer. Opening in winter 2023, this incredible development will provide a dynamic environment for over 800 professionals from SMEs to satellite corporate offices. Flexible workspace operator Runway East will open 45,000 square feet of flexible office space at media firm Kantar Group's Bloomsbury offices after signing a joint venture agreement with the leaseholder and the property's landlord Abrdn.

Following a major refurbishment and fit-out of the surplus offices this summer, Runway East will open its flex space at 24-28 Bloomsbury Way in London from Winter 2023. It follows Kantar Group's decision to exit the property, where it occupies 42,237 square feet due to expire in October 2030, according to CoStar data.

The RWE offices will provide space for over 800 people, with the operator looking to attract small and medium enterprises and satellite corporate offices. The building can accommodate teams of four to 100 people and has a 120-person event space, a garden, and more than 40 meeting rooms.

24-28 Bloomsbury Way comprises a net internal area of 44,392 square feet over six floors, including lower level, with office accommodation on all of them. The property is close to Holborn underground station.

Runway East CEO Natasha Guerra said in a statement: "Bloomsbury, part of Midtown, has a strong established office market, it is home to global household brands in the legal, creative and design sector. 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 responsive to that change as businesses consolidate the space they need, and collaborate with businesses like ours to create in-demand offices for smaller businesses."

The deal was brokered by flex and joint venture specialist g8 Consult, while James Andrew International acted for the leaseholder. Douglas Green of g8 Consult said: "This deal demonstrates both the strong demand for great buildings and the possibilities of the repositioning of older office stock into the flex marketplace."

Runway East is a B-Corp certified flexible workspace provider, which has been operational since 2014. It was initially a hub for tech entrepreneurs.