Lloyds Banking Group Takes 60,000 sq ft Of Flex Space In Birmingham
18 August 2023
Largest Flex Deal Outside London
Lloyds Banking Group has taken 59,896 sq ft of flexible office space with x+why at Foundry, Six Brindleyplace, Birmingham.
The office letting is the biggest in the city in 2023 to date, and the largest flexible office letting outside London this year.
Lloyds Banking Group has entered into a contract with x+why to provide a bespoke managed office solution, allowing the bank to relocate its 2,260 staff while it refurbishes its existing Birmingham headquarters at 125 Colmore Row.
The Group leased the entire 150,000 sq ft building, now owned by West Midlands Pension Fund, in 2001. Its extensive refurbishment programme is designed to help the bank achieve its 2030 sustainability targets as well as providing enhanced facilities for staff.
Lloyds Bank was founded in Birmingham in 1765 and was the city’s first bank. It played an important role in financing trade and industry, helping Birmingham to become the powerhouse of the Industrial Revolution.
Dan White, CBRE’s Head of Flex Advisory – Midlands & South, advised Lloyds Banking Group on the letting.
He said: “Birmingham has scaled up its flex office offering in the last few years. The model has proved particularly popular among small and start-up businesses, as well as companies looking for a ‘soft landing’ before committing to bigger premises.
“With the Lloyds Banking Group deal we are seeing the benefit of a truly flexible offer: a short-term deal, allowing the Group to relocate its staff while undertaking the comprehensive refurbishment of its HQ. It’s proof that the flex office, far from being a threat to the traditional office occupancy model, can actually complement it.”
x+why has two sites in Birmingham, at Brindleyplace and 103 Colmore Row, with further offices throughout the UK including Manchester, Milton Keynes and London. The flexible workplace provider works with landlords to provide a wide range of hospitality led amenities in a commercial setting including flexible workspace, meeting rooms, events space, members club spaces, bars, wellbeing, concierge, front of house and other and support services, all with a focus on sustainability.
x+why will provide 800 desks for Lloyds Banking Group. All 2,260 staff will have access to these, with the space being used as a catalyst to drive hybrid/agile working.
Rupert Dean, CEO and Co-founder of x+why, said: “We are thrilled to expand our footprint within the Foundry in Birmingham and provide this 60k sq ft managed deal for Lloyds Banking Group. It is a great story about how we can work within existing buildings to support larger requirements with a bespoke, low carbon, flexible space.”
Matt Long, Head of Tenant Engagement and Placemaking at Brindleyplace, said: “Brindleyplace is uniquely placed to accommodate all sizes of business, from SMEs looking for a short-term lease to large corporates looking for larger regional or HQ function.
“We have a long history of providing a home for the city’s professional and financial services community, attracted by the amenities, excellent transport links – including a dedicated tram stop – and access to a wider business ecosystem. We look forward to welcoming Lloyds Banking Group to Foundry at Six Brindleyplace and our tenant roster.”