IWG opens City members’ club

IWG has opened a second London business club through its No18 members’ club brand. The company has leased the entire 85,000 sq ft office space at 20 Finsbury Circus, EC2, as previously revealed by EG. Quoted rents at 20 Finsbury Circus are around £60 per sq ft. The news comes after No18 snapped up the remaining office space at Battersea Power Station last summer for its first London branch. Michel Gordin, chief executive and founder of No18, said: “London is a hub for innovative and creative business with fantastic heritage, an outstanding range of experiences to be had and an abundance of character, so it’s the perfect place to expand our offerings.” “We know that the demand for flexibility in workspace environments is growing rapidly, not least in the UK, where our research shows that more than 70% view it as the ‘new normal’ way of working. “Our main objective is to help people towards a happier, healthier and more productive lifestyle – and in providing stimulating, inspiring environments with genuine, personal service we are really looking forward to introducing more people to the benefits of this new way of working.” Since becoming part of IWG, Sweden-based No18 has also added bases in the US and Switzerland. An IWG spokesperson said: “No18 is a members’ club designed for businesses and individuals that provides a high-end and unique environment for both work and leisure. As we roll out No18, we are considering a number of sites in city locations. Alongside our locations in Stockholm, we have already agreed new venues in Atlanta, Zurich and Battersea.” Japanese real estate developer NTT Urban Development Corporation owns 20 Finsbury Circus. NTT acquired the eight-storey building through its UK subsidiary, UD Europe, in 2012 for £42.9m from the City of London Corporation. At the time, it was leased in its entirety to Deutsche Bank. The bank is thought to have vacated the building last year, before the owner began refurbishing the whole building in early 2018. It is understood that refurbishment is still under way and the proposals include a new retail offering. NTT is a subsidiary of Japanese telecoms company Nippon Telegraph & Telephone Corporation. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette