Breezblok extends and expands lease at St Magnus House

Breezblok, formerly known as Business Space Made Easy, has extended their tenancy at St Magnus House in EC3. Despite the pandemic, Breezblok (which occupies 42,000 sq.ft) has bucked the trend in the commercial office market and is now 97% occupied up almost 30% from Q1.

St Magnus House, located on Lower Thames Street, is owned by landlord, Pegasi, who are also involved in a management agreement with Breezblok. Breezblok manages the serviced office providing for its tenants.

“We have been operating from St Magnus House since 2016, it is a superb location and in demand by our clients”, comments Tadhg Flanagan, Managing Director of Breezblok, “The last year has been testing for the office market, but we are seeing a reawakening with businesses and employees moving back to the office. Even with the deal, we are at capacity and looking for space to expand, whether it’s taking up unused space from larger corporates or directly from landlords. There is surging demand from start-ups that have flourished in lockdown, or project-led corporates looking for affordable quality space with no management stress.”

Jo Upton, CEO of Pegasi adds, “We are long term investors in property both in commercial and residential, at the centre of what we do is outstanding service. Having a strong relationship with our customers is key, that means responding to the times and working together for success. We’ve enjoyed working with Tadhg, we believe in Breezblok and it’s a win win all round because we have the same goals.”

Emma Swinnerton, International Partner, Head of Flexible Workspace – EMEA at Cushman & Wakefield concludes,“The last 15 months have been incredibly tough for the Flexible Workspace sector but it is encouraging to see signs of recovery in the market and this is a show of confidence from both an Investor and an Operator which we are delighted to have been able to support. This agreement is also an endorsement of the benefits of partnership between Landlard’s and Operators which Is something we expect to see a lot more of going forwards.”

St Magnus House is an 11 storey landmark building built in 1980, adjacent to London Bridge and overlooking the Thames. It’s tenants include a variety of recruitment, legal and financial businesses.