Buyout fund Blackstone (BX.N) said on Monday it had agreed to acquire a majority interest in The Office Group (TOG), valuing the flexible workspace provider at about 500 million pounds ($640 million).

Launched in 2003, TOG provides workspace in 36 buildings, mainly across central London, and has a growing client base of more than 15,000 members. Its clients include AOL, Dropbox, Pinterest, British Gas and Santander.

“The traditional workspace is being redefined in gateway cities across the globe, as evolving business practices increase demand for flexible office space,” said Anthony Myers, Blackstone’s head of European real estate.

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