Clockwise offers a variety of flexible spaces to suit. By owning the properties outright, Castleforge can offer Clockwise members more flexibility and shorter-term contracts without facing pressure from external landlords. The Firm invests in the commercial, residential, retail, industrial, and hospitality sectors . Mar 4, 2022 - Anonymous Employee. Developer Castleforge Partners is this week offering 70,000 sq ft of office space in Liverpool's Royal Albert Dock. Even if we charge a higher rent per square foot, this is still a more cost-effective option for the larger tenant versus taking on a longer-term lease for more space than required, just in case they need more in the future. Across Europe and the US, real estate markets are strained today to a degree that we have not observed since the global financial crisis (GFC). Property investment firm Castleforge Partners has acquired four major office spaces across England, in Leeds, Manchester, Exeter and Southampton. Welcome to IPE Real Assets. Real estate fund managers target net zero, New Forests seeks to raise A$600m for Australia and New Zealand fund, Japanese firms Mitsui, Nomura to buy global forestry manager New Forests, NYSCRF adds $425m to emerging manager programme, Alaska Permanent Fund to invest up to $360m in US multifamily projects. Building value by improving the connection between people and real estate | Founded in 2010, we are a leading UK-based private real estate investor that combines research-led investment themes with vertical integration and in-house operating platforms. Founded in 2010, we are a leading UK-based private real estate investor that combines research-led investment themes with vertical integration and in-house operating platforms. Clockwise provides well-designed, contemporary private offices, shared workspaces and meeting rooms with a focus on attention to detail. To find out more, read our cookie policy. Castleforge Partners was founded in 2010 by Brandon Hollihan and Michael Kovacs. Moving forward, for many companies flexibility is going to be key when it comes to office space leases. Online travel agencies (OTAs) allowed buyers to sort thousands of competing products and compare prices. ft. of CAT A space which included circa 22,000 sq. MESSAGE. We offer high-quality affordable multi-family housing. Additional phases are due to be released. Since 2000, construction costs have outstripped inflation by nearly two times. Our team has a proven track record of investing throughout the capital structure and across asset classes, adding value with operational expertise. 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. The real estate investor has bought the 68,000 sq ft office building, located on Dickinson Street in Manchester, from German fund manager Patrizia for an undisclosed sum. In apresentation of April 2022, the company declared that all its investment activities would be guided by a new mandate going forward:If not Flex or HQ repositioning [] [then] exit.GPEs latest annual report describes, In this paper, we lay out the case for investing in European real estate, particularly relative to US real estate, in the coming decade. Our collective knowledge and experience, including input from development management, asset management and operations, is brought to bear in each investment decision. Through our flexible workspace provider Clockwise, we are very well positioned to offer this type of bespoke service to our members.. The occupational cost of this would have been ~45,000 versus ~55,000 per year in Clockwise, a 20% saving for the tenant, while the initial rent free provided by us would have covered their fit out cost, keeping the overall capital cost the same over the three years in a demonstrably "better" building in a core CBD location. Of course, were always keen either to challenge, At our annual meeting Mike discussed at length one of the very simple but powerful metrics we use to understand the rental cycles in London: the amount of space under construction. Would you like to read more? 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. However, we learned that many of these tenants immensely value the convenience of serviced office space that is already fitted out. It has now begun acquiring new premises,. M2 1DH, We use cookies to provide you with a great experience and to help our site run effectively. To date Castleforge Partners has invested over 500 million of asset value throughout the UK and generated average returns in excess of underwritten . Whether you have solid local roots or serious global ambitions. 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. VISIT CLOCKWISE Mid-market Residential Management Professional, responsive, corporate landlord enhancing the tenant experience Standardised, high quality product Modern units rented at affordable levels Increased operating and management efficiencies Locations around key employment hubs in undersupplied locations VISIT OCASA 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. 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. 2023 Future Of Work Forecast: Five Ways Tech Will Change The Ways We Work In 2023, 2023 Instagram Trends Reveal How To Market To Gen Z, 2023 Future Of Work Forecast: Focus Marketing On Values and Customer Experience, Not The Product, Want Your Coworking Newsletter to Actually Convert? You consent to our cookies if you continue to use this website. It causes us some amused frustration that many brokers in our industry dont spend much time on a day-to-day, On a recent trip to Berlin to meet with the buyer of 160 Aldersgate (a Germany-based fund), Mike and our colleague Martin were walking around the Alexa shopping centre in Mitte. The first phase, completed in July 2020 created over 35k sq/ft of flexible . This first iteration of our Positive Impact Strategy details our pledge for the future and as our business grows, so will our approach. Its truly flexible approach and varied membership packages has attracted a client mix of entrepreneurs, start-ups, scale-ups and established businesses from a cross section of sectors. In this spirit, we thought we would take the next couple of pages to review what weve learned in our experiences so far with our Clockwise serviced office product. The firm has invested in the property which offers office accommodation across four category A listed buildings. Castleforge said the site is currently at 67% occupancy, and . 22/02/2023 5 min read Brandon Hollihan, Founding Partner of Castleforge Partners said: We are thrilled to welcome Christian during this exciting period of growth for Castleforge. The occupational cost of this would have been ~45,000 versus ~55,000 per year in Clockwise, a 20% saving for the tenant, while the initial rent free provided by us would have covered their fit out cost, keeping the overall capital cost the same over the three years in a demonstrably better building in a core CBD location. He is also a former Director at Tristan Capital Partners. This . 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. On the other hand, many large corporations do have real estate experts in house and do have a significant amount of balance sheet cash on hand, so still do take traditional leases. The works achieved practical completion in April 2021, on time and on budget . Clockwise Commercial Quay embraces many unique features into the CAT B refurbishment. High end fit-out of 6 floors including reception. Ambient Scenting Makes Sense For Coworking Management. This implies that achievable yields on cost are higher in certain markets in continental Europe. Located in the prime central business district, the 5,000-square-meter (53,820-square-foot) Martinistrasse building was acquired off market and is currently at 63 percent occupancy, presenting a repositioning opportunity for Castleforge. At the heart of Southampton's Business District, this prominent office building boasts occupiers such as Savills, Mott MacDonald, Norweigen Cruise Line Group, Benefex, Hays, Clockwise, Rubix Business System, VOA, Health Care Resourcing Group and Ocean Network Express. Across Europe and the US, real estate markets are strained today to a degree that we have not observed since the global financial crisis (GFC). Though weve grown, weve maintained that spirit which allows us to be thoughtful, rigorous and innovative in our approach. Lerche brings20 years of experience in the real estate sector, leading value-added asset management for a range of private equity and international institutional investors, and working closely with stakeholders to steer and reposition portfolios. By continuing to use this website you are giving consent to cookies being used. Clockwise's owners, Castleforge Partners, has appointed Evora, a leading sustainability consultant, to help develop and implement a sustainability strategy framework for their business and investment portfolio. Lerchesappointment follows Castleforges recentacquisition of its first office building in Germany, in the historic old town of Bremen. Further launches for 2021 include Manchester, Exeter, Bristol and Southampton, as well as the opening of our first space in mainland Europe, Clockwise Brussels. This focus on cheap as a byword for value, The last time Mike visited New York (before Covid-19, of course), he decided to stop somewhere he hadnt been in 15 years: the New York Public Library. His experience will be instrumental as Castleforge looks to expand its reach across the German commercial market, with further purchases to be announced over the next 18 months. Rapid Work Style Shifts Are Tanking Tax Revenues Can City Planners Catch Up? Clients: Castleforge Partners, Clockwise. Project manager / cost consultant: Quartz. 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. 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. Yorkshire House. A unique addition to Clockwise Commercial Quay is the bespoke bar and microbrewery and a commercial kitchen within the Grade A Bonded Warehouse. If economic fundamentals continue to soften, liquidity problems could turn Market Commentary It may therefore not come as a surprise that due to our experience with Clockwise, weve updated the way we think about how we lease smaller floorplates (below ~5,000 square feet). Many have the same number of employees that they did a few years ago, and even if they are growing, it is not at an exponential pace. The investment comes after Castleforge's research team identified Exeter as having one of the fastest growing city economies in the UK. Interview: Stefan Mchler, Swiss Life Asset Managers, Top 150 Real Estate Investment Managers 2022, Top 100 Infrastructure Investors 2022: Survey, Castleforge raises 270m for third value-add real estate fund, Brookfield and Copley recapitalise UK logistics portfolio sold by Tritax, Indiana PRS supports new Carlyle Europe fund with $75m commitment, EQT to buy South Korean security operator SK Shieldus, CIP and Viviid partner to develop 1.8GW renewable energy projects in India, Singapores GIC to invest 1bn in EDP Renovaveis. CastleForge Partners. Registered Office: 1 Kentish Buildings, 125 Borough High Street, London SE1 1NP, Germany eases tax on Spezialfonds investing in renewables, Ivanho Cambridge, Belfius, Belgiums SWF back co-living firm Cohabs, Patrizia Infrastructure acquires Italian bio-LNG producer Biomet. Be the first to find this review helpful. Jenny Emslie, founder and managing director at Sunshine Communications, said: "Commercial Quay is an ideal fit for us.