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LBS Properties secure Spaces for The Painter Building, Islington

Co-working brand, Spaces, part of Regus PLC, has agreed terms on an eleven-year lease for The Painter Building, a new and contemporary 40,000 sq ft office development at 70 White Lion Street, Islington, London N1.  The Painter Building is being delivered by LBS Properties, specialists in central London commercial and residential development. 

Nick Crawford, managing director at LBS Properties said; “We are delighted to announce that Spaces will occupy The Painter Building upon completion in 2019. We think the high-quality design of the building, the extensive local amenities offered in Angel and excellent connectivity will combine to create a great working environment for future occupiers.”

Richard Morris, UK CEO of Spaces, says: “Demand for flexible office space is growing rapidly – research shows that 53% of professionals globally now work remotely for at least half their working week and 30% of corporate real estate portfolios could be flexible workspace by 2030. People now recognise that they can be far more productive and successful in a dynamic working environment, while businesses are waking up to the financial and strategic benefits. 

“Spaces is helping to supply this demand and drive a workspace revolution in Britain – and nowhere more so than in London. We’re thrilled to announce that a new centre will be coming to Islington. The capital has always been a hub for ideas and entrepreneurship, both of which are at the heart of the Spaces proposition.”

Conveniently located close to Angel underground station and a just short walk from Kings Cross and St Pancreas Station, the grade A Painter Building has been designed with the needs of the modern occupier in mind. The new development will provide private terraces, bright, flexible floorplates and collaborative working spaces to encourage connections and productivity between teams, whilst also offering high quality amenities, such as ample bike storage, showers and underfloor air conditioning. 

Shaun Simons, co-head and director, City Fringe at Colliers International also commented: “It is of little surprise that the appeal of Islington and Angel is rising given the depth and breadth of retail and F&B activity and its fantastic connectivity to the burgeoning Kings Cross market. With The Painter Building, LBS has tapped into a market that is calling out for interesting, yet flexible design, that does not compromise on quality and we had significant interest expressed in the building.” 

Daniel Howard, Director and Head of Corporate Solutions at Office Freedom (formerly known as SOS Search Office Space) commented: “The Painter Building will be a stand out property offering some of the best space and amenities for occupiers. With the increase in demand locally for flexibility and inspiring space, I believe the brand and the property, along with the changing landscape (with regards to amenities), will be of great appeal to occupiers.”  

The Painter Building is the latest development brought to the central London market by LBS Properties, who is responsible for some of the most ambitious and innovative developments in London. Current developments include Chapter and Verse, a 50,000 sq ft office development adjacent to Old Street Roundabout and The Madison, a 53-storey residential tower in Canary Wharf. 

Colliers International and Levy advised LBS. Office Freedom advised Spaces.