London’s Office Space Revolution: Stunning Heritage Building Gets New Flexible Lease

In order to open a workspace on 1-3 Frederick’s Place — the historic, grade II-listed property in Bank that was once owned by Lord Frederick, Lord Mayor of London — The Boutique Workplace Company has negotiated a 15-year lease. The office, which will open in October 2024 after a thorough interior design project, provides nearly 18,000 square feet of first-rate office space spread across seven stories, along with a rooftop terrace with views of St. Olave’s Passage.

Notably, the flexible space market’s trend of management agreements has increased from 9% of all deals in 2019 to 45% of deals in 2023. Moreover, the City of London Corporation has estimated that 1.9 million square feet of additional, premium office space will be required in the region, which led The Boutique Workplace Company to sign the contract.

The property at 1-3 Frederick’s Place is a component of the Mercers’ Company’s initiative to revitalize Frederick’s Place. The 32,000-square-foot Whittington Building — the estate’s last development — was finished this summer and offers a mixed-use plan; first-rate office space; The Mercers’ Hall and Archives; and three dining options, including the neighborhood favorite Where’s Fred’s. The Mercers’ Company was represented by Knight Frank and Ingleby Trice, while HEWN worked on behalf of The Boutique Workplace Company.

The Boutique Workplace Company reports that the City of London is seeing the highest demand for office space, second only to West End locales. Plus, the company’s five current locations within the city have good occupancy rates, which inspired the decision to acquire 1-3 Frederick’s Place.

Rich in history, the 18th-century structure was created by renowned architect Robert Adam and constructed following the Great Fire of London. Since then, it’s played host to notable individuals like Edwin Waterhouse, co-founder of Price Waterhouse Coopers, as well as former prime minister Benjamin Disraeli. Amidst contemporary structures, its neo-Classical façade creates a striking impression. For instance, classic oak floors and period details — such as the original plasterwork and fireplaces — have been preserved.

“We were proud to secure such a unique, characterful office space with its elegant, heritage exterior and incredible past,” said Daniel Wheble, CEO of The Boutique Workplace Company. “It’s a fantastic addition to our Boutique Collection, offering premium workspace in an increasingly sought-after area.”

Between two and 100 people can be accommodated in private offices. Or, some suites are self-contained and come equipped with executive suites, phone booths, tea stations and private roof terraces. The largest self-contained unit is a little smaller than 3,000 square feet. In addition to a gym, wellness center, air conditioning, elevator access, outdoor areas, a concierge, showers and changing rooms, the venue is dog-friendly. The vaulted space also houses meeting rooms, a centralized cycling store, a podcast room, other breakout areas and phone booths.

According to data from Spaces to Places and HEWN, The Boutique Workplace Company is presently ranked among the top five flexible workspace providers in London based on the quantity of sites it offers. The flexible space provider has acquired and built 14 new facilities totaling nearly 250,000 square feet in the UK during the last four years.

For further details, visit https://theboutiqueworkplace.co/.

Maria Zidaru

Maria Zidaru is a creative writer at CoworkingCafe and CoworkingMag, with degrees in Literature and Marketing. Her background in both accounting and publishing provides a diverse perspective to her writings. From arts to chess and real estate, Maria is enthusiastic about engaging in subjects that provide value to her readers.
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