BESpoke delivers first Belfast corporate managed workspace
BESpoke, the BE Offices managed workspace division, has leased 20,000 sq ft in a Belfast city centre block, its eighth deal since launching last November.
Located in Adelaide Exchange, a 230,000 sq ft mixed-use development on Adelaide Street, BESpoke has acquired the space on a 10-year lease for one of the big four international professional services firms.
On completion of a customised 14-week refurbishment programme the client will take a three-year licence.
Included in the new fit out programme will be the creation of a coworking centre to be operated by BE’s Headspace division.
BESpoke is also currently under offer on a further 100,000 sq ft of managed workspace in Dublin, Mayfair, Cardiff and several other prominent locations. The company is also looking at expanding into a series of locations on continental Europe.
BESpoke is unique in the flexible workspace market. It takes on traditional leases and then converts and manages the space on behalf of major corporate clients.
Jonathan Weinbrenn, BESpoke’s managing director, said: “Our client was looking for a customised branded solution to solve its short-term needs for additional office space. We are able to take traditional office accommodation and transform it into space that reflects a client’s image, culture and brand.
“In the case of Belfast, we will take the refurbishment to CAT A standard and provide the client with a totally customised and designed space. All the client has to do is to move into the new offices on completion as BESpoke has done all the heavy lifting. We take the pain and strain out of acquiring short-term flexible additional accommodation.”
Weinbrenn says that BESpoke has evolved the managed office solution to the next level.
“Our aim,” he says, “is to improve the current managed office model to create the most customer-centric solution available.
“Rather than minimising our risk by back-to-backing deals, as many in the market do, we made a positive decision to put more skin in the game by taking a principal position. This way we can offer clients a wider array of building options on more commercially attractive terms.”
In most cases BESpoke leases more space than its current clients require. This enables the division to help grow other parts of the BE group whether it be the more traditional flexible space offer or coworking through Headspace.
“We actively seek to lease more space than our anchor clients require – and for longer terms. This enables us to contractually provide expansion options for our clients within the same building – a service we don’t believe any other provider is offering,” adds Weinbrenn.
Demand for the BESpoke solution has grown exponentially since its launch in November 2017 as more and more occupiers look to invest in talent, R & D and marketing than partitions and office furniture.
This move has been further exacerbated by changes in accounting rules that mean traditional leases are now treated as liabilities and impact a company’s profit and loss account.
BESpoke was advised on the Belfast acquisition by Savills Ireland while Colliers acted for Straben Developments.