Flex operator Landmark doubles down on Grosvenor Street

Flex office operator Landmark is set to add to its Mayfair portfolio as the company looks to capitalise on the area’s growing popularity. The company’s new location will be at asset manager W.RE’s 75 Grosvenor Street, W1, and will open in the first quarter of next year, according to an entry on Landmark’s website. The site will be more than double the size of Landmark’s nearby locations in Mayfair, totalling 23,077 sq ft across the lower-ground, ground, first and third floors, according to EG Radius data. The company has agreed to pay a rent of £107.50 per sq ft. It will be Landmark’s second office on Grosvenor Street, along with the company’s 10,776 sq ft site at 49 Grosvenor Street, which it took over following a merger with fellow flex operator The Space last year. “Bringing Landmark on board at 75 Grosvenor Street represents the next chapter in the building’s storied 300-year history,” said Sascha Lewin, W.RE’s chief executive. “This prime London location deserves the finest workspace, and we’re excited to be working with Landmark to bring it to life.” The move is a bet on Mayfair’s flex market, which has seen growth in the period since 2019, before the start of the pandemic, according to an analysis of more than 50,000 enquiries by flex office platform Free Office Finder. The analysis found that Mayfair has seen a 70% rise in enquiries for flex space, taking the submarket from London’s fifth most popular in 2019 to the top of the rankings this year. If the bet pays off, it will increase Landmark’s competitiveness in an already crowded market. Landmark was ranked the ninth best performer in flex consultancy Spaces to Places’ London Flex Brand Index Report, which analysed 60 operators with a combined 22.5m sq ft across 686 locations. Knight Frank and JLL advised W.RE on the deal. View market analytics for Mayfair >>