Case Study: How We Transformed an Unloved Building into a Market-Leading Flex Product

By Mia Brown
Projects • Thoughts
12th February 24

In response to the dynamic demands of today’s tenants, the real estate market is witnessing an escalating desire for turnkey, flexible, and amenity-rich offices – offering a hotel-level service.

Landlords are responding to this asymmetrically in a fast-moving occupational market with a nascent and wide-ranging flex sector. This shift presents both risks and opportunities.

At TSP, we call our comprehensive solution ‘Core to Floor’ – which strategically fuses the roles of managing agent and flex space operator. This means we are able to address much of the market’s needs by ratcheting up service provision in response to individual tenant requirement.

Our latest project, 79 Clerkenwell serves as an exemplar of our market-leading flex product.

Introducing, 79 Clerkenwell

Located minutes away from Farringdon Station and the Elizabeth line, 79 Clerkenwell is a modern flex office spanning seven floors, designed with clubhouse style amenities and wellness offerings. It provides a variety of floorplates from 953 – 5,280 sq ft – each meticulously curated as a turnkey ‘ready-to-go’ flexible space, leaving no detail unattended.

Employees increasingly want a workplace that feels less like work and more like a place to collaborate and pursue passions. 79 Clerkenwell responds to this, providing a breeding ground for individuality and collectivity to flourish.

Intelligently planned amenity

Central to 79 Clerkenwell’s flex appeal is its intelligently planned communal amenity, that seamlessly augments private occupancy.

Among these offerings is a fully-equipped podcasting studio featuring state-of-the-art RØDE sound equipment: a practical and invaluable tool for brands seeking to elevate their content creation and marketing mojo. The building also features a thoroughly-appointed wellness studio; kitted out with a barre, yoga and pilates equipment, Chromecast enabled TV to stream your favourite classes, and even a Theragun deep tissue massage gun – offering a rejuvenating way to unwind after a hard day’s work.

Luxurious end-of-journey facilities – showers with powder room decked out with Dyson hairdryer and straighters and a laundered towel service – combined with secure bike racks and bike repair station further enhance the workspace experience.

Thoughtful, sustainable design

The foundation of 79 Clerkenwell rests on sustainable design and low energy intensity, as evidence by its impressive bevy of certifications – BREEAM Excellent, EPC B, SKA Gold, and Well-Enabled.

The architectural reception serves as a statement entrance experience, featuring sculptural furniture in the waiting area along with brand digital connectivity through controllable display screens. Within each office is a sophisticated meeting room, fully equipped with TV, audio and video conferencing facilities, as well as a whiteboard presentation wall. Offices on the upper floors boast spacious, private working booths, ideal for Zoom meetings or quiet working.

The workspace embraces biophilic design and natural furnishings – such as exquisite wooden work tables crafted by Scandinavian designer Muuto – coupled with ambient accent lighting through individual desk lamps, and thoughtful additions like branded notebooks and mini Penguin Classics books. This attention to detail in design creates a warm atmosphere where occupants feel at home.

Dedicated house manager

Serving as the linchpin of 79 Clerkenwell’s lively community is Vivi, our dedicated  House Manager. Trained in luxury hospitality and fluent in six languages, Vivi enriches the overall day-to-day experience with a personalised and welcoming touch. Connected to occupants through a WhatsApp concierge service, she ensures swift handling of all enquiries, deliveries, contractor visits, and guest arrangements. Beyond her administrative proficiency, Vivi plays a crucial role in cultivating a strong sense of community through organising quarterly tenant events.

Flexible leasing package

Not all tenants want desk rental and 3-month terms – and neither do landlords. TSP’s ‘Core to Floor’ leasing approach at 79 Clerkenwell offers greater optionality to tenants at competitive prices. Our Flex platform enables the seamless integration of flex and managed spaces alongside traditional leasing: without creating a complex and layered service approach.

For those seeking a tailored managed solution, we offer a straightforward all-inclusive price that covers comprehensive office services such as utilities, high-speed internet, and daily cleaning. Yet, our services also extend beyond the essentials. Optional extras like a coffee subscription, snacks and drinks, and a desk booking system can be easily added to the package to enhance the day-to-day. Conversely, for those desiring a more independent workspace experience, we can offer the space as it is – and leave occupants in peace.

Our streamlined management structure reduces financial risks for landlords. By tapping into the flex market without sacrificing the traditional market, landlords can enhance net rents, reduce voids, and maintain a smoother cash flow – all structured within a traditional Property Management agreement.

Conclusion

79 Clerkenwell stands as a compelling case study, illustrating the transformation of an underutilised office block into a market-leading flex product. By strategically aligning with the evolving demands of tenants and implementing a comprehensive ‘Core to Floor’ strategy, the workspace establishes a new standard for modern, dynamic work environments.

As the real estate landscape continues to evolve, this innovative approach ensures that landlords can navigate the changing tides, capitalising on opportunities while effectively mitigating risks.

WATCH 79 CLERKENWELL: THE VIDEO

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