Retrofit and Rise: Fitzrovia’s New Office Story
Fitzrovia doesn’t shout. It doesn’t need to. While neighbouring Soho, Mayfair and King’s Cross compete for attention, Fitzrovia has been quietly attracting a new wave of occupiers looking for something different.
Historically associated with media and post-production firms, the area is now home to a much broader mix of creative tech companies, life sciences businesses, design studios and healthcare occupiers. The presence of institutions like UCLH and the Wellcome Trust has helped anchor a cluster of high-growth, innovation-focused tenants. Increasingly, ambitious businesses that would once have gravitated towards Soho or Clerkenwell are choosing Fitzrovia instead.
Why? Fitzrovia offers the right blend of location, quality and experience. The buildings have character. Retrofits here provide something that new builds rarely can – individuality, identity and heritage, combined with modern performance standards. In a market where occupiers are demanding ESG credentials without compromising on design or feel, that’s a winning combination.
The area also humbly lends itself to better workday. Leafy streets, independent cafés, a strong residential mix and a genuine sense of place make Fitzrovia feel less corporate, more human. It’s a neighbourhood that encourages people back to the office not because they have to, but because they want to. And with easy access to three major Underground lines plus the Elizabeth Line, it’s far more connected than many realise.
This is not a fringe location for offices anymore. Fitzrovia has become a destination for businesses who want to make a statement, albeit subtly.
For those rethinking what they want from an office and from a neighbourhood, Fitzrovia offers a compelling answer. Quietly, confidently, it’s become one of Central London’s most attractive places to work.
Leasing Update: TIDE Bankside Now Over 55% Let Following Latest Office Deal
1 April 2025 – LBS Properties, in joint venture with Barings, has completed a major letting at TIDE Bankside. Workplace Futures Group (WFG) has signed for the top two floors—10th and 11th—totalling 18,686 sq. ft on a 10-year lease.
The move marks another strong vote of confidence in the landmark South Bank development, which is now over 55% let, comprising 80,000 sq ft. WFG (parent company to Ambit, Modus, Mytr, Two and Platfform) delivers design, refurbishment and fit-out services to the commercial office sector. The firm is relocating its headquarters from Victoria, following an extensive three-year search.
This letting follows the recent lease of the 7th floor to global travel firm Flight Centre. Together, the 7th, 10th and 11th floors account for 32,693 sq. ft of newly occupied space. The building is now home to a growing community of high-performing, future-focused businesses.
Delivering London’s most sustainable new office building
Developed by LBS in partnership with Barings—one of the world’s largest diversified real estate investment managers—TIDE Bankside offers 145,000 sq. ft of premium workspace across 11 upper floors, plus a ground-floor retail unit.
Designed by Squire & Partners, the building combines exceptional design, smart building infrastructure and industry-leading sustainability credentials. Highlights include:
- Net Zero Carbon certified
- NABERS 5 Star Design Reviewed
- EPC A rating
- BREEAM Outstanding certification (pending)
- LETI 2025 upfront embodied carbon compliance
- WELL Platinum Design-enabled
- WiredScore Platinum certified
- SmartScore Platinum (targeting)
TIDE has also been named a finalist in the 2025 British Council for Offices Awards.
A focus on experience and wellbeing
Occupiers at TIDE benefit from over 13,000 sq. ft of green space, including a rooftop communal terrace with panoramic views of the Thames and the City. The building includes openable windows throughout, 284 secure cycle spaces, 28 showers and a dedicated cycle maintenance centre.
NewFlex, the building’s flexible workspace offering, has also taken 32,000 sq. ft across multiple floors, further enhancing the community and amenity offer within TIDE.
Strong leasing momentum
Nick Crawford, CEO of LBS Properties, said:
“TIDE continues to attract ambitious occupiers who care about the quality, performance and sustainability of their workspace. WFG’s decision to relocate to the top floors reflects the strength of our product and the momentum we’re building alongside Barings. We look forward to welcoming more leading businesses to the building.”
Ian Mayhew, Head of Real Estate Equity Asset Management – Europe at Barings, added:
“The continued leasing momentum at TIDE is a testament to the building’s exceptional quality and appeal. Businesses are increasingly prioritising best-in-class, sustainable office space in well-connected locations, and TIDE is delivering on that demand. We’re encouraged by the level of interest in the remaining floors and look forward to announcing further lettings soon.”
Dr. Toby Benzecry, Founder and CEO of Workplace Futures Group, said:
“After 31 years in the same building in Victoria, the choice of a new home was a massive decision. Once we found TIDE, we knew it was the one. As a B Corp business, the building’s sustainability credentials were crucial, but it was the quality of the workspace—both indoor and outdoor—that made this the overwhelming favourite of the leadership team. TIDE is a fantastic building in a great location, and we can’t wait to move in.”
Cushman & Wakefield, RX London and USP are appointed leasing agents on TIDE.
The Resurgence of Old Street: Q&A with Shaun Simons
Old Street has long been synonymous with London’s tech sector, but the market continues to evolve. There is sustained demand for the best buildings, particularly in prime locations that offer high-quality space and strong connectivity. We sat down with Shaun Simons, Founder of Compton, to explore the latest trends shaping the Old Street office market. From the evolving tenant mix to the impact of transport upgrades and future development, he shares insights into what’s next for one of London’s most dynamic districts.
Old Street has long been considered the tech hub of London. How has the area evolved in the last 12-18 months?
Old Street remains London’s leading tech hub, but it has always been more than just technology. For years, it has been a prime destination for both creative and tech companies, as well as businesses seeking a central London location with convenient access to the West End, the City, and King’s Cross. Like many areas, Old Street was hit hard by Covid, but the past 18 months have demonstrated its resilience and continued desirability.
What is happening in the tech sector – are you seeing growth and an increase in space requirements?
The outlook depends on individual circumstances, as there’s no one-size-fits-all answer. Tech funding has faced challenges, particularly compared to the pre-2020 landscape and before the collapse of Silicon Valley Bank. Before these events, businesses, often heavily loss-making, could easily raise significant debt and would freely spend on real estate solutions. That’s no longer the case for most, which may seem like a hurdle for growth. However, I see it as a positive shift, bringing more financial diligence that ultimately benefits both businesses and the landlords they commit to.
Have we seen a shift in the types of tenants moving into the City Fringe? Who’s taking space, and what are they looking for?
Tech remains a major driver of demand, but Old Street has always attracted a broader range of occupiers. The district is seeing a more mature tenant base, a trend likely to strengthen as supply tightens in core markets.
Given the difficulties during Covid, what has happened to take up and availability of prime stock on the last 12 months?
Supply and demand remain imbalanced post-Covid, with more available space than occupier demand. This means the best properties continue to perform strongly, while secondary stock struggles unless priced appropriately.
What role does quality play in securing tenants? Is the ‘best-in-class’ trend still driving leasing activity?
Quality matters, but value is key. The highest-quality buildings in prime locations with top-tier amenities continue to attract demand. However, there is depth in the market across all asset classes, provided pricing reflects the relative value. Not every business can afford premium space, but well-positioned properties at the right price point are still securing tenants.
With new developments in the pipeline, how do you see the City Fringe market evolving in 2024 and beyond?
I’m optimistic about Old Street’s future. Several world-class, forward-thinking developments are underway, and I’m confident they will drive further demand from occupiers in neighbouring districts. In addition to this, the recent improvements to Old Street Station and the opening of Crossrail at Moorgate has made the transport offerings significantly enhanced.
What’s one bold prediction you have for Old Street’s office market over the next five years?
I predict another major tech powerhouse is on the horizon, set to join Amazon, Snapchat, and TikTok in the area.
View the Script brochure here for further details on a prime investment opportunity in Old Street: https://lnkd.in/esbr64y2
AEW Acquires 95 New Cavendish Street from LBS Properties and Baumont Real Estate Capital
LBS retained as Development Manager for flagship West End office repositioning scheme
LBS Properties, in partnership with Baumont Real Estate Capital, is pleased to announce the sale of 95 New Cavendish Street, W1 to AEW.
Located in the heart of Fitzrovia, this prime redevelopment opportunity will comprise 22,589 sq ft of office space across lower ground, ground and six upper floors. With LBS securing planning consent for a best-in-class redevelopment designed by Stiff + Trevillion in 2024, the project will create two additional floors, a communal roof terrace and market-leading sustainability credentials, targeting BREEAM Excellent and EPC A certifications.
AEW plan to commence construction later this year. LBS has been retained as Development Manager to oversee the transformation of the property, reflecting our ongoing commitment to delivering state-of-the-art, sustainable office accommodation in central London’s most vibrant districts.
Nick Crawford, CEO of LBS Properties, commented:
“We are delighted to have concluded the sale of 95 New Cavendish Street to AEW, a highly respected investor in the real estate sector. This project represents an exciting opportunity to deliver a future-ready, sustainable office building in Fitzrovia, where demand for premium space continues to outstrip supply. We look forward to working closely with AEW to bring this vision to life.”
For more details about this project and updates on its progress, stay tuned to our website and LinkedIn page.
LBS agrees 70,000 sq ft. lease with global law firm at Moorgate
We are proud to announce that the entire 70,000 square feet office component of 25 Moorgate, our landmark office development in the City of London, has been pre-let to global law firm Watson Farley & Williams for a 15-year term.
25 Moorgate is everything that retrofit should be. We have worked with the fabric of the original building to create a next generation workplace, designed with a focus on occupier wellbeing and sustainability. This is the second Net Zero Carbon office building we will deliver on behalf of our client Barings, who share our vision of the future of offices.
We are thrilled to contribute to the continued evolution of London’s office landscape. Learn more about our commitment to a sustainable future at 25 Moorgate here: 25moorgate.uk/sustainability
TIDE Bankside officially launches
Last week, we officially launched TIDE Bankside, a landmark new office building in London’s Bankside district.
To mark the occasion, we welcomed over 200 of London’s finest leasing and investment agents. Guests were treated to panoramic views of the capital, a walkthrough of the finished space – and the chance to celebrate the delivery of this flagship project.
TIDE is a Net Zero carbon, 12-storey, 145,000 sq. ft office building designed by award-winning architects Squire and Partners.
For more information, contact our agents: Cushman & Wakefield, RX London & USP London
TIDE Bankside is a joint venture between Barings and LBS Properties.