Great Portland Estates partners with Knotel on Moorgate flexible offices

Great Portland Estates has agreed a three-year lease with flexible office provider Knotel at 55 Basinghall Street, EC2. Knotel will operate 82,000 sq ft at the 176,000 sq ft City Place House until its redevelopment in 2021. Both parties will share the revenue generated by its occupiers. The building is currently let on a long leasehold to the City of London, and existing occupiers include Legal & General, Accenture and PensionBee. GPE has been making a push on its flexible offices strategy over the past 18 months. It includes offering fully-fitted spaces on flexible terms to occupiers, which has been rolled out across a number of buildings in its portfolio, including Elm Yard, WC1. It also formed a similar partnership with Runway East, a co-working and flexible office provider, covering 48,400 sq ft of offices at New City Court, SE1. Runway East is operating the space on a three-year term; GPE shares the revenue paid by occupiers. See also: Knotel targets WeWork’s top spot in flexible offices The partnership at New City Court, which is in GPE’s development pipeline, aims to maximise income from the site before beginning construction in 2022. Knotel, which announced a $400m financing round in August, has added four further locations across London in recent months. These include nearly 17,000 sq ft at 100 Wood Street, EC2; 14,000 sq ft at Clerks Court in Farringdon Lane, EC1; 16,000 sq ft at 80 Old Street, EC1; and more than 10,000 sq ft at 45 Eagle Street, Holborn, WC1. Its footprint in London now totals more than 360,000 sq ft across more than 22 buildings. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette