A 300-year-old estate that owns Marylebone is making an entrance in to the co-working sphere after office rental income dropped last year.
Howard de Walden, which is worth about £5bn, is partnering with Spacemade to operate a flexible working facility in the area of central London.
It made the move after its results showed permanent office rental income dropped 12.2 per cent, according to figures from CoStar.
The estate will be operated by fledgling firm Spacemade, with data from the company showing it can fill space four times quicker than conventional leasing methods.
Howard de Walden, which owns more than 800 buildings across 92 acres of Marylebone, will work with Spacemade to turn an area into a 10,000 sq ft flexible workspace.
The space, which will be housed between 34 and 36 Queen Anne Street – one of which is Grade II listed – is Spacemade’s 11th location in the UK, and can house 200 private members, as well as luxury lounges.
“Property companies old and new are adapting to the changing world of work, as both individuals and businesses seek out more flexibility” said Dan Silverman, co-founder at Spacemade said:
“We are hugely excited to be partnering with the Howard de Walden Estate to create an aspirational, design-led flexible workspace”.
Richard North, head of commercial letting at Howard de Walden said Spacemade was chosen “due to their track record in collaborative and transparent transactions that works for landlord partners.”