Orega, the flexible workspace provider, has appointed senior property figures Andrew Hynard and John Snow as advisers to its Board. The move is part of Orega's growth strategy - to find further properties to expand its flex space offering across the UK -doubling its size in the next three years.
Andrew Hynard was previously Chief Executive of the Howard de Walden Estate, the £4.6 billion commercial and residential property estate in Marylebone. Prior to that he built his career at JLL for over 30 years as a senior real estate investment specialist and where he became Head of the Capital Markets Division and then Deputy Chair of the UK Business. He was also formerly Chairman of the Investment Property Forum and the RICS Commercial Property Forum.
John Snow was previously Head of the UK Commercial Business of Knight Frank, Global Head of Office Agency and responsible for Knight Frank's commercial activities in North America. He chaired the Commercial Board and sat on The Group Exec Board. Prior to overseeing the wider commercial business, the majority of John's 40-year career at Knight Frank was in the Central London Office Leasing Market including being Head of Central London Offices.
Zach Douglas, Orega's CEO said, "Both Andrew and John are extremely highly regarded in the property industry with strong reputations, a wealth of experience in the offices markets from both an investment and agency perspective and strong personal connections. They are fantastic additions to our team as we move into this, the next stage of our growth cycle and increasingly speak to landlords and corporate occupiers about their property needs."
Andrew Hynard (ex JLL and Howard de Walden Estate), Zach Douglas, CEO, Orega, and John Snow (ex-Knight Frank).
Founded in 2001, Orega is one of the UK's most established flexible workspace brands and now has 21 operating sites across the UK in major cities including London, Bristol, Birmingham, Leeds, Liverpool, Glasgow, Aberdeen and Manchester- the latter where it recently announced its 5th site in the city at the Tootal Building. It is looking for further city and major town centre sites and is keen to speak to property owners with suitable space.
The company pioneered the flex space management agreement and believes its bespoke partnership offering will be particularly attractive to landlords and corporate occupiers who have excess space to fill, particularly as the demand for flex space and flexible ways of working continues to grow. This trend has been heightened in the current economic climate given the reluctance of businesses to be tied into long leases.
Zach Douglas continued, "The time for flex is certainly now. Landlords that deliver high quality and appropriately designed flex space in their buildings are better able to attract and retain occupiers who are still analysing their medium-term space needs, given today's changing working patterns and who want the flexibility of being able to expand or contract down the line.
With our well-established management agreement strategy, we can offer our landlord partners and occupier lessees a solution that monetizes their space with a high-end office product and building amenity- whilst allowing them to retain control of their asset and brand."
Andrew Hynard added, "I've been impressed with Orega's dynamism, vision and ability to create and let quality space in the prime UK cities, creating returns for both itself and its landlord partners. Orega has the professional offering and stature of a company with over 20 years standing that has withstood recession and the Covid crisis, together with a forward-thinking strategy about what both property landlords and occupiers want and need in the twenty first century."
John Snow continued, ""It is an exciting time to be working with Orega- growing an already well-established Flex business. As the market navigates post-pandemic working practices, office tenant space needs remain uncertain. Developers and landlords consequently need to be offering and welcoming greater flexibility, with expansion space. The Orega management agreement model, offering extremely high-quality flexible office space, promotes a partnership approach allowing landlord and flex provider to share in the upside, and provides greater security in any downturn, whilst meeting today's occupier needs."