Avanta signs West End deal and joins corporate outsourcing joint venture

Serviced office company Avanta has announced the addition of another property to their growing London portfolio. The company has taken an 8-year lease on the 28,000 sq ft block at 271 Regent Street from landlord Norwich Union.

Avanta has exchanged contracts on its sixth West End building which takes its current total property count up to nine, and enters them into a corporate outsourcing joint venture.

No price was given but market speculation puts rents in the area at around £45 per sq ft. The company has four more deals in legals, with two more city locations as well as one in West London and one in the Thames Valley, which are due to complete within a month. The group has also joined property asset management company The Asset Factor to offer a new service to corporate occupiers by taking on their leasehold liabilities and managing vacant space as a serviced office.

Insurance giant Prudential has enlisted the joint venture to undertake a review of its Reading property portfolio and has already handed over the lease of a 22,000 sq ft surplus building. The joint venture is also in negotiations with a major US corporate which has two buildings in London’s West End. Oliver Jones, chief executive of The Asset Factor said: "Helping major corporates in the UK align their property portfolios with their changing business strategy is exactly why we established The Asset Factor.

"One of our tools is giving businesses certainty in resolving their leasehold liabilities through the use of our balance sheet and by creating alternative marketing strategies for buildings." David Alberto, CEO of Avanta, said: "We were delighted to work with The Asset Factor to extend further our offer to corporate clients such as the Prudential."

About Avanta
Avanta is an emerging name in the serviced office market, with a rapidly growing portfolio of office suites in prime locations across London and the Thames Valley. The company was formed in 2004 by David Alberto, previously with Regus and former Managing Director at MWB Business Exchange. Avanta can offer highly flexible, unbranded office space, with advanced and competitively priced technology, tailor made to meet the requirements of the occupier. The company manages a total of around 300,000 sq ft of office space across seven locations, with an average occupancy rate of over 90%.

For further information, please contact:
Avanta contact:
Chris Taylor
Avanta Management Services Ltd
1 Hammersmith Grove
London
W6 0NB
Tel: 0203 008 6000
http://www.avanta.co.uk/