Yahoo Finance The Office Group expands into Victoria
Travelex founder Lloyd Dorfman earlier swooped on a plush building in Victoria for his flexible-offices business, even as he weighs a sale of a stake in the company.
The Office Group, which counts Facebook as a tenant, said it has taken a 20-year lease for seven-storey 84 Eccleston Square, minutes from Victoria station.
The deal brings its property estate empire up to more than 1.2 million square feet. It will refurbish the new 70,000 square feet of offices and open before the end of the year.
It emerged last week that entrepreneur Dorfman last week instructed bankers at Rothschild to look at selling a minority stake in The Office Group to secure new equity for expansion.
It is understood Dorfman will continue as the majority shareholder and chairman of the firm, which is valued at more than £500 million and was founded in 2003.
The latest deal with Mosaic Properties, which agent Tuckerman advised on, is expected to be welcomed by suitors attracted to the group’s presence in London, where it has 32 buildings.
Charlie Green, co-chief executive of The Office Group, said: “We’ve been trying to get into Victoria for a while, but have struggled to find the right building.”
The area is undergoing a radical makeover led by developer Land Securities, with a series of new buildings opening by the station. The Government has recently opened a National Cyber Security Centre there, and broadcaster Sky has taken space too.
According to Tuckerman, office lettings totalling 627,800 square feet were agreed in Victoria last year.
