Saba Capital, an activist investment firm led by hedge fund manager Boaz Weinstein, has increased its stake in Workspace Group, solidifying its role as the second-largest shareholder in the FTSE 250-listed office landlord. The firm’s ownership has risen to 23.8 percent from 22.1 percent, marking a continued buildup of shares over the past year.

Workspace, which owns 57 office buildings primarily in London, has come under pressure from Saba, which is advocating for significant changes within the company. The investor has called for the removal of all non-executive directors, including the chairman, arguing that the current board structure is not delivering optimal value for shareholders.

Saba has also proposed that Workspace consider selling all of its real estate assets and proceed with a wind-down of the company. The activist investor contends that such a move would unlock greater value given the evolving dynamics in the office property market.

The push from Saba arrives amid ongoing challenges in the commercial office sector, including shifts in tenant demand and work-from-home trends, which have put pressure on property owners to reassess their strategies. Workspace’s management has yet to publicly respond to the investor’s latest demands.