DLA Piper advises LABS on entire lease of 7 Herbrand Street in central London

DLA Piper has advised flexible workspace provider and longstanding client LABS on leasing its entire prime office building located at 7 Herbrand Street, Bloomsbury, London to fintech company Thought Machine.

This was a substantial deal as not only the entire office of 67,000 sq. ft. in a prime location in London was leased over a period of five years on a managed deal, but the workspace will also be fully fitted and personalised to the tenant’s needs.

Founded in 2017 by property investment company LABTECH, LABS provides office space to around 4,000 workers across its ten London locations in Holborn and Camden.

The DLA Piper team was led by London-based Real Estate partner Paul Jayson and legal director Robert Pollok, supported by associate Chau Dang.

Paul Jayson commented: “It is encouraging to have completed on such a substantial lease for LABS. It was a notable transaction in that it reflects how, in a market emerging from the pandemic, both landlord and tenant are increasingly required to adopt an innovative approach to office lettings putting aside, perhaps permanently, the accepted norms of the market.”