Sustainability is ingrained in our corporate vision and values, our culture, and everyday actions. D&B office fit out of Castleforge Partners, Clockwise after completing the CAT A refurbishment of River House, the largest city centre commercial refurbishment development in Belfast. Clockwise offers a variety of flexible spaces to suit. The firms in-house research has predicted a rise in popularity in these regions as working and living trends continue to evolve. To date Castleforge Partners has invested over 500 million of asset value throughout the UK and generated average returns in excess of underwritten . Brandon Hollihan, Founding Partner of Castleforge Partners, said: Select secondary cities in the UK are continuing to grow as business hubs for young professionals and exciting start-ups. Again, back at Savoy weve recently signed a 25-desk lease at Clockwise on a month-to-month basis with a major blue chip corporation. Our vision is for a future in which every work environment and experience has a positive impact for people, places and the planet. commercial space Michael Riordan Managing Director, United Kingdom United Kingdom See All Contacts Contact Representative Back to all projects We note that the likes of Great Portland Estates and Derwent London, who often deal with smaller floorplate occupiers and who have had a more difficult time recently as those smaller occupiers have used serviced office as a substitute to traditional leases, are themselves fitting out the space to a turnkey finish so as to win back tenants from the likes of WeWork and The Office Group. The first phase, completed in July 2020 created over 35k sq/ft of flexible . When you factor in that borrowing margins and the bank risk-free rate are both lower, the degree of positive leverage for serviced offices on the continent begins to look much superior to that achievable in the UK regional markets. With 20 years of experience in the German real estate market, Christians knowledge of the sector will become invaluable to us as we continue to evolve and manage our commercial portfolio across Europe., Commenting on his new role, Christian Lerche added: Castleforges deep understanding of the commercial real estate market makes it uniquely placed for further expansion across Europe and specifically Germany. Clockwise is headed up by COO, Alexandra Brunner. Of course, were always keen either to challenge, At our annual meeting Mike discussed at length one of the very simple but powerful metrics we use to understand the rental cycles in London: the amount of space under construction. Strive towards zero waste and use of sustainable materials, by embedding circular economy principles into the way we design, operate and maintain our spaces. Castleforge Partners has acquired four UK sites for a 175m (192m) office development. Can COVID Booster Shots Save Your Business? At the heart of Southampton's Business District, this prominent office building boasts occupiers such as Savills, Mott MacDonald, Norweigen Cruise Line Group, Benefex, Hays, Clockwise, Rubix Business System, VOA, Health Care Resourcing Group and Ocean Network Express. Business Outlook. Can A.I. Many have the same number of employees that they did a few years ago, and even if they are growing, it is not at an exponential pace. Building value by improving the connection between people and real estate | Founded in 2010, we are a leading UK-based private real estate investor that combines research-led investment themes with vertical integration and in-house operating platforms. Castleforge Partners is a private equity real estate investment firm based in London, UK that has invested approximately 1 billion of asset value throughout the UK and Europe. Most Popular Yorkshire workplace introduces four-day working week with same pay - but staff. Brandon Hollihan, Founding Partner of Castleforge Partners said, We are thrilled to announce our first acquisition in Germany as we look to invest significantly in more secondary cities across the country over the next 18 months. Through Clockwise, Castleforge plans to meet the increasing demand from companies in the four cities for alternatives to traditional fixed-term office space leases. We note that recently, Ernst & Young (E&Y) announced that they are looking to increase the proportion of flexible offices in their estate from 10% to 30% in the UK and Ireland. 3233596, VAT No. We act as a trusted real estate investment partner to provide consistent returns while making a positive impact in the communities in which we invest. From modest beginnings in Glasgow, we currently operate a number of locations up and down the UK with many more openings in the pipeline. ft. of serviced office space operated by Clockwise. Moreover, few have tens of thousands in cash lying around to easily pay the upfront costs to fit out an office, especially considering that this space may become obsolete faster than anticipated if the tenant undercooks their internal growth estimates. As Castleforges sustainability strategy develops, we will work closely with them to align our approaches wherever possible. With the understanding that innovation and enterprise is not limited to Central London or gateway cities, and a real estate strategy that reflects this, Clockwise is well placed to support regional SMEs achieve their potential. 20-strong delegation from Property Agents Independent attended launch of 70,000 sq ft office scheme at Edward Pavilion in Liverpool's historic Royal Albert Dock. However, we believe this tool enables us to create complementary portfolios in key markets where we can maximise our operational advantages and maintain a defensible portfolio mix of tenants. The clock reset to 20 seconds and Scherzer was already in the stretch. The building will be fully refurbished to enable the firm to introduce its flexible workspace provider, Clockwise into the space, offering an alternative to traditional fixed-term offices. For the London, Given the substantial attention dedicated to a market update at our recent Annual Meeting, we thought that rather than a letter about the market, it would be more interesting to put together a one-off discussion piece focused on the U.K. planning system. The biggest challenge presented was that the existing M&E and legacy issues were not compliant with current regulations, resulting in exploratory works and a complete strip out of the service installations. The investment comes after Castleforge's research team identified Exeter as having one of the fastest growing city economies in the UK. We are not alone in discovering that, given the choice, tenants typically prefer more flexibility around office size and more convenience of having a pre-fitted office space. We began our journey into the serviced office market back in late 2012 with a paper that outlined the business plan for what five years later would eventually evolve into Clockwise. Manchester Clockwise is owned by private equity real estate investment firm Castleforge, which owns and operates its spaces across the UK. The real estate investor has bought the 68,000 sq ft office building, located on Dickinson Street in Manchester, from German fund manager Patrizia for an undisclosed sum. CEO Approval. Manchester Examples include skill-specific educational courses that team members are welcomed to take, our internal library filled with books (albeit many of which are still in pristine i.e., unread condition) or our, Within our discussion of serviced offices, its important to separate the product offering from the business model. M&E engineer: Lehding Services Design. Castleforge Partners has created new office space at Edward Pavilion . Clockwises owners, Castleforge Partners, has appointed Evora, a leading sustainability consultant, to help develop and implement a sustainability strategy framework for their business and investment portfolio. The turnkey solution is certainly beginning to pay dividends. Clockwise will cater to businesses of all kinds, ranging from freelancers to SMEs, whilst also regularly hosting . We revitalise heritage buildings and local landscapes. Even if we charge a higher rent per square foot, this is still a more cost-effective option for the larger tenant versus taking on a longer-term lease for more space than required, just in case they need more in the future. In his January 2021 memo, Something of Value, he writes that their obsession with cheapnessor more specifically, with a nave definition of cheapnesshas confounded their ability to spot genuine value. With extensive experience in hospitality and real estate, she is perfectly positioned to lead the business through this . M2 1DH, We use cookies to provide you with a great experience and to help our site run effectively. Data 70,000sq.ft. We use cookies on the site to improve your experience. The occupational cost of this would have been ~45,000 versus ~55,000 per year in Clockwise, a 20% saving for the tenant, while the initial rent free provided by us would have covered their fit out cost, keeping the overall capital cost the same over the three years in a demonstrably better building in a core CBD location. CEO, Markus Reinert FRICS, said: We are delighted to have supported Castleforge Partners during their entry into the German market and we look forward to working together as the firm further expands into the country.. Allwork.Space is committed to sharing news, updates and developments from flexible workspace owners, operators and suppliers across the globe. Flexible offices platform Clockwise has announced its second London location, a 73,000-square-foot office in Bromley's Old Town Hall, will open in spring 2022. This included a 32K SF Liverpool outlet opened in 2019. This focus on cheap as a byword for value, The last time Mike visited New York (before Covid-19, of course), he decided to stop somewhere he hadnt been in 15 years: the New York Public Library. A hot-desk for the freelancer, satellite worker or lone wolf who needs space to focus and fire up their next project. Castleforge Partners' Clockwise at Edward Pavilion in Liverpool was awarded the Mixology North Award for Commercial Interiors Project of the Year over 30,000sq.ft. Ambient Scenting Makes Sense For Coworking Management. At Castleforge we foster an environment that encourages continued learning and development of each member of staff. We also keep in mind that Clockwise is not one fits all solution, and so we are careful to select the type of buildings and locations that best suit this offering while also limiting liquidity risk on exit. Within 15 months of opening in May 2017, we were over 90% occupied on the private office space and over three times subscribed on the club membership which provides hot desking in the common lounge area. In 2007 Tonstate Hotels bought the hotel with a funding package from Bank of Scotland Corporate in a deal believed to be in the region of 30m. For those who want to drop in and drop out, this is their office for the day. Linesight has been providing full cost consultancy services on the . While we monitor performance on the operational assets, we are entering design stages for our fourth and fifth locations in Bristol and London, adjusting our deployment of Clockwise accordingly. Clockwise offices are renowned for preserving architecturally significant and interesting details of the existing building and creating features of these as focal points in a contemporary designed office. The Future of Commercial Real Estate in San Francisco Doesnt Look Good, 2023 Future Of Work Forecast: 3 Things CRE Players Must Do To Stay Relevant In 2023, The Office Space Sector Is Projected To See A Strong Fourth Quarter In 2022, Meet Flex Spaces More Chaotic Cousin: Gray Spaces, The Future Of Our Offices And Our Planet Hinges On The Real Estate Industrys Priorities, JLLs New Future Of Work Survey: The Next Few Years Are Crucial For Commercial Real Estate. It was founded in 2010 by Brandon Hollihan and Michael Kovacs. Additional phases are due to be released. Moving forward, for many companies flexibility is going to be key when it comes to office space leases. Serviced Offices & Meeting Rooms in Cardiff | Clockwise Book a meeting room Member Login Our Neighbourhood Residing at the top of the high street, Clockwise Cardiff benefits from being right by some of the city's best restaurants and bars. We offer high-quality affordable multi-family housing. Interview: Stefan Mchler, Swiss Life Asset Managers, Top 150 Real Estate Investment Managers 2022, Top 100 Infrastructure Investors 2022: Survey, Castleforge raises 270m for third value-add real estate fund, Brookfield and Copley recapitalise UK logistics portfolio sold by Tritax, Indiana PRS supports new Carlyle Europe fund with $75m commitment, EQT to buy South Korean security operator SK Shieldus, CIP and Viviid partner to develop 1.8GW renewable energy projects in India, Singapores GIC to invest 1bn in EDP Renovaveis. We invest in real estate located in and around select UK and European cities. Castleforge Announces New Partners. All this in the 1970s brutalist building that had once been voted one of the ugliest buildings in Glasgow but that is now experiencing a rapidly improving market perception. Hotel websites made it easier for customers to transact directly with sellers. 100% FREE. He waited until Adams stepped back into the box at the 10-second mark and immediately threw his pitch. Brandon Hollihan, Founding Partner of Castleforge Partners said: We are thrilled to welcome Christian during this exciting period of growth for Castleforge. With extensive experience in hospitality and real estate, she is perfectly positioned to lead the business through this exponential growth. We create environments and experiences that are as personal as they are professional. By continuing to browse our site you agree to our. Located in the prime central business district, the 5,000 sqm Martinistrasse building was acquired off market and is currently at 63 percent occupancy, presenting a repositioning opportunity for Castleforge. LOCATION Leeds . The investor is . Compare this to our latest discussion on a turnkey half floor in the same building at 27 per square foot with virtually no rent abatements on a three-year lease, so still about 27 per square foot net effective, resulting in a 50%+ gain on net effective rent. Rachael Pittaway is a director at Castleforge Partners, the real estate investment firm behind Clockwise Offices. Edward Pavilion is a Grade 1 listed building based on a UNESCO World Heritage site with a mix of open-plan floor space and serviced offices operated by Clockwise. The off-market transaction was arranged by Eastdill Secured. The value of the deal was undisclosed. Sign up to our weekly round-up of plastic free stories. Flexible workspace provider Clockwise will manage the sites to "deliver a positive experience for occupants and attractive returns for its investors". Should You Put Your Job On AI-Pilot Mode? Initially, they asked for a small discount of 5-10% in return for signing up to a two- or three-year term rather than the standard month-to-month contract that we offer. Would you like to read more? Be the first to find this review helpful. What are the benefits of a serviced office rental? Through focusing on Clockwise we have made a number of observations that we would not have seen without this experience, and we felt it would be valuable to share some of these with you. Online travel agencies (OTAs) allowed buyers to sort thousands of competing products and compare prices. Ahead of the purchase, Castleforge identified Bremen as an ideal location for its first German acquisition in light of the citys strong local economy, renowned universities, and expanding base of start-up businesses. Located in the prime central business district, the 5,000-square-meter (53,820-square-foot) Martinistrasse building was acquired off market and is currently at 63 percent occupancy, presenting a repositioning opportunity for Castleforge. Clockwise provides well-designed, contemporary private offices, shared workspaces and meeting rooms with a focus on attention to detail. 2023 Future Of Work Forecast: Five Ways Tech Will Change The Ways We Work In 2023, 2023 Instagram Trends Reveal How To Market To Gen Z, 2023 Future Of Work Forecast: Focus Marketing On Values and Customer Experience, Not The Product, Want Your Coworking Newsletter to Actually Convert? While we believe the offering is increasingly attractive to a variety of tenants (discussed in detail later), the typical business model possesses numerous potential risks, primarily because typical serviced office operators lease their, For those of you who attended our annual meeting, which was held in London on May 9th, you will know that we spoke in some detail about the three main pillars of our investment strategy: vertical integration, thematic investing and operational enhancement. This localised approach is ideally suited to the current Covid-19 climate as more people move out of London and flexible working close to home becomes commonplace. The building will be fully refurbished to enable . Castleforge Partners Limited is authorised and regulated by the Financial Conduct Authority. We provide flexible workspaces with all the functionality, simplicity and service, community and connectivity you need to make it happen. CastleForge Partners. Martin Claisse - Castleforge Partners: Project Manager: Adrian Poucher - Malcolm Hollis LLP: Architect: John Lee - Povall Worthington: Cost Consultant: Michael Riordan - Linesight: M&E Engineers: Thomas Lehd - Lehding Services Design: Structural Engineers: . Landlord Castleforge Partners bought the development in Edinburgh's popular Leith shore area late last year. Brandon Hollihan, founding partner of Castleforge Partners, said: Select secondary cities in the UK are continuing to grow as business hubs for young professionals and exciting start-ups. Castleforge Partners has invested over 500 million of asset value in the UK since its formation in 2010. Latest fund raise exceeds the235m raised by thepredecessor CFP II fund in July 2016, Tritax Big Box REIT sells three non-core UK logistics warehouses for 125m, Fundraising details for Carlyle Europe Realty are currently unknown, EQT Infrastructure VI to buy 68% stake fromSK Square andMacquarie forKRW2trn, Partnership will initially focus on developing two onshore wind projects with a combined 500MW capacity, GICs equity is part ofEDPs plan to invest 21bn into renewables by 2026, Copyright 19972023 IPE International Publishers Limited, Registered in England, Reg No. The 5,000 sq m Martinistrasse building is currently at 63 per cent occupancy, and was acquired in an off market deal. Castleforge May 2021 - Present1 year 9 months New York, United States Managing Director GCM Grosvenor 2014 - 20206 years New York City Metropolitan Area Partner, Customized Fund Investment Group. By continuing to use this website you are giving consent to cookies being used. Lerche brings 20 years of experience in the real estate sector, leading value-added asset management for a range of private equity and international [] However, we learned that many of these tenants immensely value the convenience of serviced office space that is already fitted out. You can unsubscribe or manage your preferences at any time. Reducing the Carbon Footprint of New Developments. Further launches for 2021 include Manchester, Exeter, Bristol and Southampton, as well as the opening of our first space in mainland Europe, Clockwise Brussels. PHONE. We believe that this rise in construction costs has led to a secular increase in the equilibrium level of rents across the property spectrum as the replacement cost of buildings has increased. We are committed to socially responsible business plans. PROPERTY investment firm Castleforge Partners has announced the acquisition of its first office building in Germany, in the historic old town of Bremen.. As part of this engagement, Castleforge is implementing systems to monitor, measure and report sustainability performance to better understand and improve the environmental performance of assets. Through our flexible workspace provider Clockwise, we are very well positioned to offer this type of bespoke service to our members..