The firm of Turner & Townsend which offers procurement and project management services to business has secured 5,800 sq ft of Grade A space on the second floor of Atria One. Their lease will run for 10 years and the business will take occupation this month after some fitting out.
This building was one of the city council’s projects which they sold in April 2016 to Deka Immobilien, a global real estate investment company based in Germany, for £105m.
It sits right next to the EICC in the heart of what has become Edinburgh’s financial district, and is already home to The Law Society of Scotland, The Cooperative Food, Brewin Dolphin, EY, IBM and PwC.
Allan Matthews, director in CBRE’s Edinburgh office, commented on the letting: “It is great news that we can announce this letting to Turner & Townsend, a globally renowned organisation. It is joining an already unrivalled line-up in the building so I am sure the team will fit in well.
“The letting was secured following a flexible approach from the landlord, who was happy to subdivide the space in order to provide the exact requirement for the firm. The development has proven popular with occupiers as the flexible floorplates enable them to make more efficient use of their space, and at the same time significantly reduce their property overheads on both an annual basis and over the life of the lease.
“The letting further decreases an already very much depleted current supply pipeline of space in Edinburgh, with the city suffering from a severe shortage of Grade A space. Despite some limited space remaining available in the building, we are currently in positive discussions with other occupiers and hope to make further announcements in the near future.”
Turner & Townsend is relocating from its premises on Osbourne Terrace in the city and requires a larger office due to business expansion.
CBRE, alongside joint agent Savills, acted for the landlord Deka in the transaction whilst Ryden advised Turner & Townsend.
A limited amount of space remains available in Atria One: 8,951 sq ft on level 6 and 6,411 sq ft on level 2. It is being marketed by joint letting agents CBRE and Savills.
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