Northumberland Estates bags Norton Rose in Newcastle

By Paul Norman - Thursday, September 07, 2017 13:43

Northumberland Estates has signd Norton Rose Fulbright, the international law practice, for the 6,950 sq ft first floor in Quayside House, Newcastle upon Tyne.

Norton Rose has signed a 10 year lease at the 42,000 sq ft building at an undisclosed rent. Asking rents are £21.50 per sq ft.

Chris Pearson, partner, Gavin Black & Partners who advised Northumberland Estates, says the letting is ‘major news for the City’. “This is Norton Rose Fulbright’s first presence in the UK outside London confirming Newcastle’s importance as a service sector location. By taking space in Quayside House, the Quayside location as a legal hub is under-scored given both Bond Dickinson and Ward Hadaway have major presences nearby as well as Newcastle’s combined court,” says Mr Pearson.

The letting follows recent lettings at Quayside House to Aon and Tilney Bestinvest Group which respectively took 2,107 sq ft and 1,514 sq ft on the second floor.

Michael O’Driscoll, Senior Asset Manager at Northumberland Estates, said: “Securing Norton Rose Fulbright is a massive coup for Quayside House and for the wider region. North-Shoring, the process of moving office functions out of London to the Northern Regions, has become increasingly common in recent years as a means of reducing operational costs. The North East offers excellent value for money when compared to other Regions as well as benefitting from a high quality and loyal labour pool. Attracting a high profile organisation such as Norton Rose Fulbright is testament to these this and we are delighted they have chosen Quayside House as the Regional base outside of London.”

Cushman & Wakefield acted for Norton Rose Fulbright.

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