Techspace and Capreon Partner on New Flagship Site in Clerkenwell

Techspace, a provider of flexible workspaces tailored for the tech industry, is launching a new location in Clerkenwell, London, following a major acquisition by Capreon. This new site will accommodate 900 desks and over 1,000 new members.

Located at 132 Goswell Road, a former gin distillery, the building received a BREEAM Excellent rating in 2022 after a £35 million redevelopment. Capreon's acquisition of the site provides Techspace with its largest and highest-quality workspace, scheduled to open in October 2024.

Leo Noé, Executive Chairman and Founder of The Noé Group, has joined the Techspace board as the company plans for continued growth in London and Berlin, with an expansion into Munich, Germany's other major tech hub.

Since its founding in 2012, Techspace has supported tech businesses at every stage, establishing offices in London and Berlin. Over the past 12 years, it has assisted numerous companies, including Databricks, Plaid, Worldcoin, and Pleo, in setting up their operations in these cities.

The collaboration with Capreon on the new Clerkenwell site represents a pivotal moment for Techspace, as it aims to double its membership from 3,500 to over 6,000 by the summer of 2025.

According to Techspace’s latest Scaleup Culture Report, which explores the future of work, there is a growing demand for in-office collaboration. Tech employees increasingly prefer in-person teamwork, with the average employee now spending three days a week in the office.

Jonathan Bevan, CEO of Techspace, said, “There’s no denying that flexible workspaces are the perfect solution to cater to the modern occupier's needs. The past few years have seen Techspace adapt to expectations, creating more attractive environments for individuals, teams and companies to do their best work.”

Bevan continued, “Our new location in Farringdon is a momentous next step; doubling down on a flight to quality, we aim to provide a premium workspace for enterprise-level tech businesses. This deal is also a great example of how an asset owner and an operator like Techspace can work together to acquire new sites. This flagship site adds one of the most popular commuter links in the capital to our portfolio.”

Goswell Road will be Techspace’s highest-quality space to date. The 80,000-square-foot building will include three roof terraces overlooking the Clerkenwell and Farringdon surrounds, a workout space, a rooftop café and bar, a stunning double-height event space, and a podcasting studio for members to enjoy. The building is a great example of a heritage site reimagined through redevelopment with sustainability in mind. It is rated BREEAM excellent, placing it in the top 10 per cent of UK buildings for ESG credentials.

Raphael Noé, CEO at Capreon, said, “We’ve been striving to do a deal like this with Techspace for some time. Market dynamics have finally made this possible commercially. It’s a great deal for both parties, and I look forward to doing more transactions like this in the future. The Asset is one of the best in London, offering high-quality ESG standards and top amenities in a thriving and well-connected location. We are delighted with the Investment.”

Leo Noé, Founder of The Noé Group, added, “I’m joining the Board at an exciting time for the business. The company is at a pivotal moment, and I am eager to support Jonathan and the entire team in driving the business forward with profitable, ambitious growth.”