Helping Orega secure a prestige London location at 80 Strand.
Earlier this year, Orega opened the doors to the latest in their considerable portfolio of serviced offices: 80 Strand. This latest transaction is the culmination of years of growth with the assistance of RWK Goodman’s Real Estate team, led by Paul Daniels.
80 Strand is an iconic building. Formerly ‘Shell Mex House’, you can find 80 Strand next to The Savoy and overlooking the Thames. It’s a landmark that is approaching its 100th anniversary on the London skyline: a fitting addition to Orega’s portfolio and the pinnacle of what the team there have achieved alongside RWK Goodman.
Orega are a leading provider of flexible office space across the UK. With offices in London, Manchester and Bristol, to name just a few of their locations, Orega have been operating for over 20 years and now manage 700,000 sq ft of office space.
Management agreements. Adapted to Orega's needs.
Bespoke. Business-led. Securing what matters to Orega and their customers.
Paul Daniels and his team have spent these last two decades working with Orega to develop a management agreement that enables Zach Douglas and Paul Finch – the co-founders of the business – to provide property owners with more of a partnership-type relationship with Orega rather than the potentially more adversarial relationship of landlord and tenant.
The story of Orega’s business started by securing premises on a traditional lease arrangement. This venture ultimately proved to be unsuccessful, but prompted Zach and Paul to think of a different, more collaborative, way of doing business with property owners.
Whilst not entirely new to commercial lawyers, the concept of using management agreements in the serviced office sector was largely untested. Orega worked closely with Paul Daniels to develop their own unique management agreement which dealt with the different risks and opportunities which operating a serviced office involved for both property owner and operator. The result was a management agreement which committed both parties to working in a more cohesive manner and sharing risk, meaning both parties could benefit and property owners generate a greater return than the traditional model.
Having successfully operated their subsequent serviced offices using this model, Orega built a reputation in the market for operating using management agreements and became market leaders in use of the concept. However, this has only been possible by the agreement constantly evolving over the years and being adapted to suit market conditions and the needs of a range of property owners with whom Orega have worked; including large investment or pension funds to private investment companies and individuals.
Whilst competition in the market has certainly grown, so have the opportunities for established quality operators such as Orega and it continues its growth story with the opening of 80 Strand and has other exciting projects in the pipeline.
"We've found RWK Goodman to be really pragmatic in helping us achieve the balance between what we need in our agreements with landlords and what the landlord requires for a deal to commercially work for them."
Zach Douglas
Executive Chairman, Orega
Orega & RWK Goodman. Growth partners.
We've had Orega's back since 2000.
It all started when Zach and his business partner Paul Finch walked into one of our offices to meet Paul Daniels 24 years ago. Since then our expert solicitors have been a legal partner to Orega on their growth journey.
Being a legal partner to Orega has meant delivering specialist advice across many areas of law, beyond our real estate expertise. Not only have our commercial teams worked with Zach and his team in corporate governance and advisory as well as employment & HR. Zach and Paul have also used our personal legal services too.
Your legal needs are unique, so we strive to offer a full and complementary set of legal advice. Orega is just one example of how we work closely with businesses and individuals to provide the right legal support.
"The relationship that we've developed with Orega really reflects what we look to deliver for all our Real Estate clients."
Paul Daniels
Partner, Real Estate
Zach and his team have shown a commitment to high-quality, modern serviced offices across the UK. As such we’re proud to have been involved in Orega’s lease of 80 Strand, a true reflection of how the team there hope to breathe new life into office space and our ongoing relationship as their legal partner.
If you are looking for legal support with a commercial lease, don’t hesitate to contact our specialist Real Estate solicitors to see if we can help you.
Call now
