Corpus Sireo brings Edinburgh's largest office space to lease to market

By Paul Norman - Monday, September 11, 2017 11:52

Edinburgh’s largest vacant office building will soon be available to let following State Street's recent decision to relocate to the Quartermile development.

Spanning approximately 110,000 sq ft, 525 Ferry Road has been the home of US financial services group State Street for over 15 years.

Joint agents JLL and Cuthbert White have been instructed to start the hunt for a big ticket occupier with a requirement to match the significant floor space on offer.

They said the Grade A building, owned by a real estate fund managed by Cologne-based Corpus Sireo, comes to market at a time when supply in Edinburgh City Centre has never been tighter and new development remains limited.

NFU’s 80 George Street is one of the few comprehensive refurbishments due to complete in mid-2018 that can accommodate a requirement up to 40,000 sq ft, whilst The Mint Building, West Registers Street, totalling 60,000 sq ft, is one of only two schemes that will deliver new build offices, completing in Q4 2018.

Offering an occupier extensive open plan floorplates and a central high atrium, 525 includes a staff restaurant and a number of suites of meeting and conference rooms around the perimeter of the building.

Although only two miles from the city centre, the site has 93 basement parking spaces and 125 surface spaces.

The office also offers extensive cycle storage with full changing and shower facilities.

Cameron Stott, Director of Office Agency for JLL in Scotland, said: “In a market where supply has been squeezed, 525 offers a rare opportunity for a company to secure a large open plan, fully serviced, office building, fully serviced. Given its size, and location, we also believe that it offers an attractive options for an inward investor seeking to expand into the City.”

Nick White, co-founder, Cuthbert White, said: “With rents increasing in the city centre resulting in occupancy costs of over £45 per sq ft, 525 will be able to offer occupiers accommodation with an overall occupancy cost, taking into account rent, rates and service charges, of around £30psf. That’s exceptional value for a large corporate looking for a central Grade A headquarters in Edinburgh.”

pnorman@costar.co.uk

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