To receive priority invites and tips on how to communicate purpose please add your email. To date Castleforge Partners has invested over 500 million of asset value throughout the UK and generated average returns in excess of underwritten . Moving forward, for many companies flexibility is going to be key when it comes to office space leases. Equally importantly, the velocity of leasing was materially improved as a result of the Cat B turnkey fitout as the switching costs for potential tenants to come into Waterloo Street were significantly lowered. We also keep in mind that Clockwise is not one fits all solution, and so we are careful to select the type of buildings and locations that best suit this offering while also limiting liquidity risk on exit. Edward Pavilion is a Grade 1 listed building based on a UNESCO World Heritage site with a mix of open-plan floor space and serviced offices operated by Clockwise. How Africas Economy will Harness Digital Tech in the Future of Work, Flexible Work and Investment in ESG are Driving Profitability for this Global Brand. Rapid Work Style Shifts Are Tanking Tax Revenues Can City Planners Catch Up? Clockwise provides well-designed, contemporary private offices, shared workspaces and meeting rooms with a focus on attention to detail. PROPERTY investment firm Castleforge Partners has announced the acquisition of its first office building in Germany, in the historic old town of Bremen. The firm, which closed its most recent real estate fund at over 270 million, has gained a reputation for investing in office property in undersupplied markets across the UK. Provide spaces and services that enhance the productivity, health and wellbeing of colleagues and members. Formed by Castleforge Partners, a private equity real estate investment firm which owns and operates its spaces, Clockwise is backed by a powerful property portfolio. Hawkins\Brown. Higginson Strategy organises a number of exclusive events for clients and friends over the course of the calendar year. This first iteration of our Positive Impact Strategy details our pledge for the future and as our business grows, so will our approach. Clockwise Brochure. By continuing to use this website you are giving consent to cookies being used. 20-strong delegation from Property Agents Independent attended launch of 70,000 sq ft office scheme at Edward Pavilion in Liverpool's historic Royal Albert Dock. A Returning Opportunity in the London Office Market? To date, Castleforge Partners have invested over 500 million of asset value throughout . #castleforgepartners #england #GDV #offices Shared by Brandon Hollihan Enjoyed talking to Sky News. Castleforge said the investment comes as the company looks to expand its foothold in the UKs secondary cities which the firm has identified as having great potential to grow as national and regional business hubs. Formed by Castleforge Partners, a private equity real estate investment firm which owns and operates its spaces, Clockwise is backed by a powerful property portfolio. Fora Castleforge | LinkedIn ft. of serviced office space operated by Clockwise. We use cookies to ensure that we give you the best experience on our website. First German acquisition for London property investor ahead of Flexible workspace provider Clockwise will manage the four new sites, located in secondary cities across England. Manchester Three Culture-Building Steps To Create A World-Class Company, How To Manage Partnership Risks In The Future Of Work, Dr. Gleb Tsipursky CEO Of Disaster Avoidance Experts | What It Takes To Be A Hybrid Leader, HR Leaders Share How New Salary Transparency Laws Have Changed Everything. In his January 2021 memo, Something of Value, he writes that their obsession with cheapnessor more specifically, with a nave definition of cheapnesshas confounded their ability to spot genuine value. Rather than provide a white box for tenants to take on traditional leases where they themselves have to fit out their space, we have begun to also offer a fit out option on the smaller floorplates to a turnkey stage (meeting rooms, furniture, desks, toilets and all) where a tenant can sign the lease and begin working the very next day. For example, Mike led the discussion that saw 160 Aldersgate leased to DLA, We recently read with some amusement and amazement an article in a UK property industry magazine, using research contributed by a UK property company, about a new way we should all be looking at office demand: net absorption. Our readers will know that we have been covering the WeWork story for a number of years now and that we have been sceptical, at least to the extent that WeWorks business model was a poor bargain for landlords and likely obscured a reduction in net absorption in central London, Over the past 20 years, the UK property industry has seen a substantial rise in construction costs. Can A.I. The first phase, completed in July 2020 created over 35k sq/ft of flexible . 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The whole team is involved from the outset, and the process incorporates a holistic approach to sourcing investments, which leverages our local knowledge and extensive connections. . Bromley Town Hall gets green light for conversion London With the understanding that innovation and enterprise is not limited to Central London or gateway cities, and a real estate strategy that reflects this, Clockwise is well placed to support regional SMEs achieve their potential. We invest in real estate located in and around select UK and European cities. Sustainability is ingrained in our corporate vision and values, our culture, and everyday actions. While US real estate outperformed in recent years, all investors know that past performance says little about future returns, and the next decade may look very, The internet has already changed the lodging sector in meaningful ways. For more information visit www.castleforgepartners.com. You can unsubscribe or manage your preferences at any time. Brandon Hollihan, Founding Partner of Castleforge Partners said, We are thrilled to announce our first acquisition in Germany as we look to invest significantly in more secondary cities across the country over the next 18 months. Clockwise is owned by private equity real estate investment firm Castleforge, which owns and operates its spaces across the UK. Support new businesses to thrive and create positive socio-economic impact in our local communities. CLOCKWISE RIVER LIMITED - Find and update company information Sustainability is ingrained in our corporate vision and values, our culture, and everyday actions. You consent to our cookies if you continue to use this website. Strive towards zero waste and use of sustainable materials, by embedding circular economy principles into the way we design, operate and maintain our spaces. Martin Claisse - Castleforge Partners: Project Manager: Adrian Poucher - Malcolm Hollis LLP: Architect: John Lee - Povall Worthington: Cost Consultant: Michael Riordan - Linesight: M&E Engineers: Thomas Lehd - Lehding Services Design: Structural Engineers: . We use cookies to ensure that we give you the best experience on our website. The Future of Commercial Real Estate in San Francisco Doesnt Look Good, 2023 Future Of Work Forecast: 3 Things CRE Players Must Do To Stay Relevant In 2023, The Office Space Sector Is Projected To See A Strong Fourth Quarter In 2022, Meet Flex Spaces More Chaotic Cousin: Gray Spaces, The Future Of Our Offices And Our Planet Hinges On The Real Estate Industrys Priorities, JLLs New Future Of Work Survey: The Next Few Years Are Crucial For Commercial Real Estate. This included a 32K SF Liverpool outlet opened in 2019. Castleforge | LinkedIn Castleforge announces investment in Exeter office real estate Serviced Offices, Co-working & Meeting Rooms | Clockwise Traditional leases Longer commitment - leases lasting an average of three years Large initial investment in CAPEX Project management required Lag between signing to move in Running costs and utilities paid separately, multiple suppliers and management required We provide spaces for the local community and key workers. City-sized Buildings Are On The Way. These tenants are not equipped to become temporary real estate experts by finding and negotiating with a contractor and architect to fit out their office space. VALUE 3m. Castleforge Announces First Acquisition in Germany - Fintech Finance They told us that while they do have space already around the area, this was for a specific project team. For Media Enquiries, please contact: castleforge@higginsonstrategy.com +44 (0)786 605 1626. Further, while competition amongst serviced office providers is lower than in the UK regions, and desk rates are sometimes higher than in the UK regions, the cost basis for construction is pretty similar. Virna Asara Editor Profile Events Sectors Learn more about the core sectors in which we work, each with a unique set of challenges that we account for in our approach. We invest in real estate located in and around select UK and European cities. Castleforge Announces New Partners | Business Wire Brandon Hollihan, Founding Partner of Castleforge Partners, said: Select secondary cities in the UK are continuing to grow as business hubs for young professionals and exciting start-ups. Dentons Europe served as legal advisor for Castleforge Partners while Drees & Sommer were mandated as technical advisors. PROPERTY investment firm Castleforge Partners has announced the acquisition of its first office building in Germany, in the historic old town of Bremen.. Castleforge Partners has acquired four offices across England worth a GDV of more than 175m. The business plan worked so successfully that while we originally only fitted out approximately 30% of the office building as a Clockwise trial, we are now converting the majority of the office tower to Clockwise serviced offices. Clockwise is headed up by COO, Alexandra Brunner. Approach; Culture; Impact; Insights; Contact; Investor Login Be the first to find this review helpful. Reading Time: 2 minutes Across Europe and the US, real , Reading Time: < 1 minute The London-focused office REIT Great , Reading Time: 2 minutes In this paper, we lay out , Reading Time: 3 minutes The internet has already changed the , Reading Time: 4 minutes As weve discussed before, the office . Spaces that are perfect for a discussion with your board or a workshop with the whiteboard. We are committed to socially responsible business plans. Castleforge, a vertically integrated, operationally focused private equity real estate manager targeting the UK and select European cities, today anno. This implies that achievable yields on cost are higher in certain markets in continental Europe. Clients: Castleforge Partners, Clockwise. Fantastic to see this landmark heritage building given a new lease of life. He waited until Adams stepped back into the box at the 10-second mark and immediately threw his pitch. As a landlord we also possess more negotiating leverage given that we are reducing the number of vacant floors available in buildings where we deploy Clockwise, creating some scarcity of space for these larger tenants. We note that the likes of Great Portland Estates and Derwent London, who often deal with smaller floorplate occupiers and who have had a more difficult time recently as those smaller occupiers have used serviced office as a substitute to traditional leases, are themselves fitting out the space to a turnkey finish so as to win back tenants from the likes of WeWork and The Office Group. The value of the deal was undisclosed. The Clockwise Positive Impact Strategy 2021 is based on our biggest environmental impacts, our values, and our opportunity to influence. The 5,000 sq m Martinistrasse building is currently at 63 per cent occupancy, and was acquired in an off market deal. Belfast, 100,000 sq. The first phase, completed in July 2020 created over 35k sq/ft of flexible office space in Leith, one of Edinburghs busiest commercial districts. U.K. Planning System Pitfalls and Opportunities. With recent political movements drawing greater attention to the potential impacts of human activity on climate change and governments coming together to discuss ways to reduce and mitigate these impacts, it is no surprise that ESG issues are at the forefront of the minds of stakeholders in the property industry. Castleforge May 2021 - Present1 year 9 months New York, United States Managing Director GCM Grosvenor 2014 - 20206 years New York City Metropolitan Area Partner, Customized Fund Investment Group. If economic fundamentals continue to soften, liquidity problems could turn, The London-focused office REIT Great Portland Estates (GPE) recently made an announcement that caught our attention. We are not alone in discovering that, given the choice, tenants typically prefer more flexibility around office size and more convenience of having a pre-fitted office space. This attention to detail dovetails with the services that PMP provided to deliver Clockwise Commercial Quay for Castleforge Partners. For the London, Given the substantial attention dedicated to a market update at our recent Annual Meeting, we thought that rather than a letter about the market, it would be more interesting to put together a one-off discussion piece focused on the U.K. planning system. Castleforge | LinkedIn Under Castleforge's Clockwise co-working brand, office tenants will be able to rent a private office, dedicated desk or choose club membership, a hot-desking model which provides start-ups with access to the benefits and facilities of more established businesses at a lower cost. Castleforge enters the Netherlands with major | propertyEU While we monitor performance on the operational assets, we are entering design stages for our fourth and fifth locations in Bristol and London, adjusting our deployment of Clockwise accordingly. Within 15 months of opening in May 2017, we were over 90% occupied on the private office space and over three times subscribed on the club membership which provides hot desking in the common lounge area. The firm has invested in the property which offers office accommodation across four category A listed buildings. Through our flexible workspace provider Clockwise, we are very well positioned to offer this type of bespoke service to our members.. Through focusing on Clockwise we have made a number of observations that we would not have seen without this experience, and we felt it would be valuable to share some of these with you. PHONE. Read about how we use cookies and how you can control them by reading our Privacy Policy. The Firm invests in the commercial, residential, retail, industrial, and hospitality sectors . Property investment firm Castleforge Partners has acquired four major office spaces across England, in Leeds, Manchester, Exeter and Southampton. Castleforge Partners has invested over 500 million of asset value in the UK since its formation in 2010. A more localised approach is ideally suited to the current Covid-19 climate as people seeking flexible working closer to home becomes commonplace. Our experience has shown us that most smaller and medium-sized enterprises, especially in UK regional cities, are not tech and software businesses that grow from two to 200 employees overnight. Based in Germany, Lerche joins Castleforge fromCapitaLand International where he was Director of Portfolio Management. "We have loved working with Clockwise and Castleforge Partners to breathe new life into this beautiful heritage building," comments Linda Morey-Burrows, . We zero in on the details, so our members can zoom out to the big picture. If economic fundamentals continue to soften, liquidity problems could turn Market Commentary We have recently opened our second Clockwise location in Belfast and will open our third location in Liverpool in Q1 2019, which both comprise a combination of Clockwise serviced office and traditional space to lease on longer terms. MESSAGE. It is therefore often helpful to draw parallels to previous market cycles as a way to help us understand what may be happening now. Core, 30 Brown St Mountbatten House - Five Storey Office Building in Southampton On the one hand, London is a volatile market and is not immune to economic cycles that create cap, We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Despite Layoffs, Jobless Claims Fell Again Last Week, Bidens New Cybersecurity Strategy Puts Responsibility On Tech Firms, Judge Rules That Starbucks Violated Labor Law. Website. Bromley Town Hall Heritage and retrofit What do we do Cartwright Our team is encouraged to collaborate and think creatively, to ensure that we retain our competitive edge. Edward Pavilion is a Grade 1 listed building based on a UNESCO World Heritage site with a mix of open-plan floor space and serviced offices operated by Clockwise. Further launches for 2021 include Manchester, Exeter, Bristol and Southampton, as well as the opening of our first space in mainland Europe, Clockwise Brussels. Over the last few quarters, borrowing costs have surged, and liquidity has started to evaporate. Castleforge has been repurposing parts of its existing UK portfolio as serviced space since 2018. We act as a trusted real estate investment partner to provide consistent returns while making a positive impact in the communities in which we invest. While this would make this years cost for the project team higher, they would be able to quickly eliminate costs associated with the team should that project ever be cut. Castleforge Partners' Clockwise at Edward Pavilion in Liverpool was awarded the Mixology North Award for Commercial Interiors Project of the Year over 30,000sq.ft. E1 5LP, Work.Life At Castleforge we foster an environment that encourages continued learning and development of each member of staff. The four sites together hold a gross development value of over 175 million. We are deeply committed to sustainability, and want to be at the forefront of providing environmentally and socially responsible workspaces that contribute to the well-being of all who use our spaces. Distressed Opportunities in European Real Estate, The Winning Bookends of the Office Market, Even Bits Need a Place to Work: the Rise of the Data Centre, Why Youd Want to Live Here: Spatial Equilibria from the Industrial Revolution to the Information Age, U.K. Planning System Pitfalls and Opportunities. We create environments and experiences that are as personal as they are professional. The investor is . Tom Porrill MRICS on LinkedIn: Clockwise workspace opens in iconic With 20 years of experience in the German real estate market, Christians knowledge of the sector will become invaluable to us as we continue to evolve and manage our commercial portfolio across Europe., Commenting on his new role, Christian Lerche added: Castleforges deep understanding of the commercial real estate market makes it uniquely placed for further expansion across Europe and specifically Germany.