Flexible workplace operator x+why has entered into a joint venture with Tristan Capital Partners’ EPISO 4 Fund and Sterling Property Ventures to operate three floors at 103 Colmore Row, Birmingham’s tallest office building ahead of practical completion this Autumn. The announcement reflects the growing post-Pandemic demand for innovative offices in regional cities and quality co-working spaces with a strong emphasis on flexibility, high levels of service and amenities.
x+why has agreed to operate 31,500 sq ft of co-working space in the brand-new landmark building on the first, second and third floors. The agreement will extend to a work lounge and wellness/events space on the 18th floor, where the highest roof terrace outside London will give eye-catching views of Birmingham and will be open to all occupiers.
With an inspiring contemporary design, the 26-storey tower is the highest new office building currently under construction outside of London. The Tristan Capital Partners’ EPISO 4 Fund and Sterling Property Ventures’ landmark scheme features a quadruple-height winter garden, a double-height 24th-floor sky bar and restaurant plus a ground-floor cocktail bar and café.
James Howarth, Managing Director of Sterling Property Ventures, said: “When we set out on this project, part of our plan was to find a flex operator with an offering that resonated with the raft of new and growing businesses that have sprung up across the UK. The partnership with x+why is great news for Birmingham which has historically had a real shortage of high-quality flex space. Their focus on purpose and social capital is a great fit with 103, given the spectrum of ESG initiatives we have put in place and the focus on amenities and wellbeing in the centre of the UK’s second-largest city.”
103 Colmore Row includes some 224,000 sq ft of Grade A office space plus an array of the latest innovations, from wide-reaching technology to energy-saving initiatives. The building will be the first commercial office in Birmingham to offer a fully integrated smart app, enabling contactless door and lift access, virtual concierge services and bookable tenant amenities including meeting rooms and work lounge.
Rupert Dean, CEO & Co-Founder of x+why, added: “Our ambition is to expand nationally, and we are really excited to be able to open in such a prestigious and green building. We were really impressed by the commitment of the team creating 103 Colmore Row and it was clear that we shared the same vision on ESG values and the future of work. Our focus will always be on building a community of like-minded, purpose-driven businesses through, amongst others, innovative and sustainable design, wellbeing programmes, inspiring events and partnerships.”
The service charge and energy costs at 103 Colmore Row will be the lowest in the Birmingham office market, fixed for 15 years, and the building is targeting a Platinum WiredScore rating, an EPC Rating of B and high levels of fresh air ventilation, reflecting the increased focus on wellbeing post-pandemic.
Paul Pritchard, Director at Tristan Capital Partners, commented: “Together with the team at Sterling, we’ve worked hard to reflect the changing needs of occupiers by delivering innovative, quality space with an excellent suite of amenities to appeal to a broad range of organisations. The partnership with x+why is indicative of the kind of progressive and ambitious businesses we are in active dialogue with as we work towards practical completion later this year.”
Tom Sleigh, Director at Colliers Flex Advisory, which managed the flexible workspace selection process, commented: “Tristan and Sterling have demonstrated incredible vision to partner with x+why. This structure will ensure true integration of flexible workspace and amenity within the building, elevating the user experience of all occupiers and reinforcing 103 Colmore Row as the premier building in Birmingham for many years to come.”
Office space at 103 Colmore Row is being marketed by joint agents Cushman & Wakefield, Colliers and Knight Frank.