Runway East Recommits to Grosvenor's Bristol Bridge for a Greener Future

Deal News | Jan 30, 2025 | Grosvenor Group Ltd

Grosvenor Group Ltd., a significant player in the UK property sector with interests in urban property, rural estate management, and more, has secured a renewal commitment from Runway East for its Bristol Bridge location. Situated in the heart of Bristol's Central Business District, Bristol Bridge offers renovated coworking and private offices aimed at teams ranging from one to 75 members. This renewal is a part of Grosvenor's strategy to further enhance environmental and amenity aspects of their properties, ensuring they provide optimal space for business growth. The renewal comes with plans for extensive environmental upgrades spearheaded by Grosvenor's firm commitment to reducing emissions by 90% by 2040. This refurbishment initiative, part of a broader £35 million capital investment program, draws on Grosvenor's London retrofitting experience. Fergus Evans, Grosvenor's Office Portfolio Director, emphasizes the importance of refurbishing existing properties to meet demand and reduce carbon footprints. Runway East, a B-Corp certified flexible office provider, operates two popular flexible space sites in Bristol and is renowned for accommodating companies like Octopus Energy and Deliveroo. This recommitment to Bristol Bridge reflects a shared mission between Grosvenor and Runway East. Natasha Guerra, CEO of Runway East, highlights the synergy between the two companies and their dedication to creating net-zero workspaces. Grosvenor's track record and commitment to sustainable urban development further bolster its reputation as a leader in industrial innovation and social responsibility.

Sectors

  • Real Estate
  • Flexible Workspace
  • Sustainability

Geography

  • United Kingdom – The activities and transactions discussed in the article take place within the UK's real estate market, specifically in Bristol and Grosvenor's regional portfolio.

Industry

  • Real Estate – Grosvenor Group Ltd. operates within the real estate sector by managing urban property and rural estates.
  • Flexible Workspace – Runway East operates in the flexible workspace sector, providing coworking and serviced office solutions.
  • Sustainability – Both Grosvenor and Runway East are focused on sustainable business practices, including reducing emissions and creating net-zero workspaces.

Financials

  • £35 million – Grosvenor's investment for capital improvements across its regional office portfolio, enhancing environmental and amenity features.
  • 39% – The increase in rental income driven by recent lease events within Grosvenor's 500,000 sq. ft. office portfolio.

Participants

NameRoleTypeDescription
Grosvenor Group Ltd.PE FirmCompanyAn international organization involved in urban property management, rural estate management, and more, with a strong commitment to sustainability.
Runway EastRenter/PartnerCompanyA B-Corp certified flexible workspace provider offering coworking and serviced office solutions, committed to sustainability.
Fergus EvansOffice Portfolio DirectorPersonRepresents Grosvenor Group Ltd., overseeing their office portfolio and refurbishment initiatives.
Natasha GuerraFounder and CEOPersonLeads Runway East, emphasizing their commitment to sustainability and premium workspace offerings.