IWG to open Spaces offices in Victoria

IWG has agreed to let all of 25 Wilton Street, SW1, from Royal London for its Spaces brand. Opposite Victoria Station, the recently revamped building provides 80,000 sq ft of offices, which IWG is understood to have taken on a 15-year lease for around £65 per sq ft. Spaces was acquired by IWG, then known as Regus, in 2015 and currently operates out of eight locations across central London. This latest addition to the Spaces locations in the capital follows IWG’s agreement to open a second London location for its No18 members’ club at 20 Finsbury Circus, EC2, in December. IWG has been ramping up its co-working offering in a bid to fight off competition from rivals such as WeWork. The business reported in November that it planned to invest around £230m in circa 275 new openings during its current financial year, which would add around 6.7m sq ft, representing around 22% more flexible workspace than the group acquired in 2017. A spokesperson for Spaces said: “The investment at Wilton Street is part of the roll-out of our Spaces brand to support the continued demand for co-working and flexible workspaces. Last year we expanded our Spaces locations from 80 to over 150 worldwide.” CBRE and Savills advised Royal London; BH2 advised IWG.   To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette