Workspace Group Plc exercised its option to buy the freehold of 13-17 Fitzroy St. in London for £98.5 million from Arup.

In February, the company signed an option deal for the right to acquire the prime office building, which is occupied and let to Arup until September 2022.

The property, which covers 92,700 square feet of net lettable space, was purchased using existing facilities at a capital value of £1,063 per square foot.

Workspace plans to rework the building into a multi-let business center.