Orega takes another 20,000 sq ft in Manchester 

The flexible workspace provider has signed a management agreement for its fifth location in the city at XLB and Pictet’s Tootal Buildings off Oxford Road. 

As well as Orega’s 20,000 sq ft deal, the landlords have also welcomed tech recruiter Maxwell Bond, which will take 8,000 sq ft on a 10-year lease at the Manchester building. 

“These recent lettings are testament to the importance occupiers place on providing the right environment for their staff and business,” said Tony Lawson, partner at XLB. 

“The Tootal Buildings provide a beautiful place to work, it has an active tenant community and strong underlying ESG credentials.” 

The lettings follow significant investment in the Tootal Buildings by owners Pictet and XLB, which acquired the asset from Helical in 2020. 

The Tootal Buildings was one of three offices that changed hands in a £120m deal. The others were 35 Dale Street and Fourways, both in the Northern Quarter. 

The arrival of Orega at Tootal is part of XLB and Pictet’s strategy to attract tenants. In recent years landlords have recognised the value of having a flexible workspace operator within their office assets, prompting a series of high-profile deals at buildings including 100 Embankment and Landmark. 

The growing demand for flexible workspace in Manchester is evidenced by Orega’s rapid expansion in the city. The company has around 115,000 sq ft of live or pipeline space across five locations.

As well as the Tootal Buildings, Orega will operate 26,000 sq ft at One Balloon Street and already has a 30,000 sq ft presence at Arkwright House. 

Other locations include King Street and Piccadilly. 

“With five flexible workspace centres in Manchester we believe we are successfully catering for the city’s booming businesses,” said Ben Hutchen, real estate director at Orega. 

“We believe [flexible workspace] will become even more in demand with the current economic and political uncertainty and reluctance of businesses to be tied into long leases.” 

Edwards & Co acted on behalf of Pictet & XLB alongside joint agent CBRE. 

Ed Keany, director at Edwards & Co, said: “Following an intensive programme of investment transforming the buildings, introducing best in class amenities and focussing heavily on ESG, we are pleased to welcome Maxwell Bond and Orega.  

“Providing a great place to work and grow businesses has been XLB’s focus since acquiring the buildings in late 2020. Both companies choosing to continue their rapid growth within the buildings is a testament to the quality and focus of the recent investment.”