Orega signs on King Street

Developer-investor 53N has let two floors totalling 12,400 sq ft at 76 King Street in Manchester city centre to serviced office provider, Orega, on a 10-year lease off a quoting rent of £21.50/sq ft.

Orega's second base in the city will occupy the third and fourth floors of the 30,000 sq ft premises which 53N acquired in June 2011 from UK Land & Property and then refurbished.

Andrew Waugh, chief executive of 53N, said: "Orega have an excellent business model and their offer is the perfect way to let businesses take prime office space in 76 King Street on flexible terms. In addition, Orega will create a business lounge and meeting rooms, which are a great asset for the rest of the building as these can be utilised by tenants who wish to take space in the remaining office floors."

Zach Douglas, managing director of Orega, added: "King Street is one of the most desirable locations in Manchester and we were keen to build our presence within the city centre. This building is ideally situated in the heart of the traditional business core which is where we wanted to be and the exceptional quality of the accommodation meant that it was an ideal opportunity for us."

Orega plans to be fully operational with its serviced office suites, meeting rooms and business lounge by July. WHR Property Consultants and Matthews & Goodman are the joint letting agents.

Orega's other centre is in 3 Piccadilly Place.