Significant letting at Glasgow office scheme

Posted on by John Cronin

A significant letting has been agreed for floor space within a premium office scheme in the centre of Glasgow.

G1 GlasgowDevelopers HFD Group have announced the signing of a new lease to outsourcing and investment company Mercer. The latest corporate tenant at the G1 scheme have signed for 34,000 sq ft of floor space across the 2nd, 3rd and 9th floors.

Other G1 tenants include Ernst & Young and Maclay Murray Spens. The speculative office scheme is now running at a 94% occupancy rate, only 10 months after the building was opened.

HFD’s Development Director, Stephen Lewis said: “From the outset, we were convinced that we were setting new standards in office accommodation, which ultimately would attract the highest calibre of occupiers.”

The G1 scheme, located in the George Square area of the city centre, is one of the most ambitious schemes undertaken in recent years. The G1 building is a £70m redevelopment of an existing Grade A listed building and only the external walls remain as a facade. The building is considered as one of the most prestigious schemes in the Glasgow offices market. Rental prices for the 130,000 sq ft building hover at around £29 / sq ft.

Angela Pirie, Jones Lang LaSalle, acting on behalf of Mercer added: “Following a detailed review of Mercer’s occupational requirements in Glasgow we are delighted to have identified suitable office space and negotiated this lease on their behalf, matching a leading international consultancy firm with world class office space.”

The letting means that only 7,500 sq ft of floor space remains unoccupied on the 4th floor of the building.

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