Second Letting for Edinburgh’s Capital Square

Artist's impression

Edinburgh, 25 September 2018 - Pinsent Masons is the latest occupier to take space at Capital Square - Edinburgh’s largest speculative office building, being developed by BAM Properties in partnership with Hermes Investment Management, the £35.3 billion manager.

The legal firm is leasing 25,300 sq ft of accommodation across two floors of Capital Square, which is located within the Exchange business district between Morrison Street and Lothian Road. Ranked amongst the world’s top 75 law firms, Pinsent Masons employs more than 500 lawyers and support staff in Scotland. 

Capital Square, which is being built by BAM Construction, is a premier Grade A office development featuring eight floors, spanning a total of 122,500 sq ft of prime accommodation. It is scheduled for completion in May 2020, with only 54,000 sq ft remaining to be let. The building will include concierge level front of house service, 24 hour manned security, shower and locker facilities for cyclists and runners, and an extensive suite of additional tenant services.

Dougie Peters, Managing Director, BAM Properties, said: ‘We are delighted to welcome Pinsent Masons to Capital Square, which represents our second major letting success in recent weeks. More than half of the building is now pre-let, which demonstrates how attractive Capital Square is as a working environment and location for modern occupiers seeking to attract and retain the best talent. Quality Grade A accommodation is key for Edinburgh to remain attractive to occupiers and Capital Square is providing first class office space at a time of limited supply in the market.’

Earlier this month BAM Properties and Hermes Investment Management welcomed Brodies LLP as the first occupier at Capital Square.

Ian Cody, Director, Asset Management at Hermes Investment Management, added: ‘This further letting is testament to the prime working environment at Capital Square and BAM’s ongoing positioning of the property with prime occupiers. We look forward to welcoming Pinsent Masons once the building is complete, where they will be able to capitalise on the high quality facilities available and the asset’s strategic city centre location. We would also like to take this opportunity to recognise our fellow landowner and partner, The City of Edinburgh Council who have been pivotal in unlocking this development.’

Hermes Investment Management, working in conjunction with Parlison Properties, secured planning permission for the scheme in 2015 and Parlison Properties is continuing to act as development consultant for the project. The building was designed by architects Hurd Rolland.

Ewan Alexander, Partner and Head of Pinsent Masons in Edinburgh, commented: ‘Scotland is a critical market for us and we required premises that reflect our ongoing commitment to the capital and market-leading position. There has been a dearth of suitable Grade A office accommodation in Edinburgh, so we are delighted to have agreed a lease for premises at the heart of the city’s business district.’

CBRE and Montagu Evans represented BAM Properties and Hermes Investment Management, while, CBRE acted on behalf of Pinsent Masons.

Further information

About BAM Properties

BAM Properties is known for commercial developments that create value for investors. Our high quality, sustainable developments also bring benefits to the businesses and people who work in them.

BAM Properties is the property development arm of BAM Construct UK a construction and property services company that undertakes design, construction, facilities management and public private partnerships. BAM is currently developing circa 300,000 sq ft of Grade A offices at Atlantic Square in Glasgow in partnership with Taylor Clark Developments Limited, part of which forms the HMRC Hub for the West of Scotland. Previous significant developments in Scotland include the successful speculatively built development, CONNECT110NS in Queen Street, Glasgow and Nike’s flagship store on Buchanan Street, Glasgow. BAM Properties has developed more than three million sq ft of commercial and retail space over the past 25 yearsWe are part of Royal BAM Group a European construction and property services enterprise that is listed on Euronext Amsterdam.

Further information: www.bam.co.uk

About Hermes Investment Management

Hermes Investment Management, a Federated Investors company, provides world-class active investment management and stewardship services. Hermes, headquartered in London, manages £35.3 billion in assets and offers a broad range of specialist, high-conviction investment strategies spanning listed equities, credit, real estate, infrastructure, private debt and private equity. Hermes’ strategies focus not just on financial results, but also on delivering outcomes beyond performance: holistic returns that consider impacts to society, the environment and the wider world. In Hermes EOS, the company offers one of the industry’s leading engagement resources, representing £346.3 billion of assets*. For more information, visit www.hermes-investment.com.

*Source: Hermes AUM as at 30 June 2018 with the exception of two portfolios totalling US$3.7m/£2.6m/€3.0m valued as at 31 May 2018. Hermes AUA as at 30 June 2018.

With GDPR now in effect as of 25 May 2018, we will continue to manage all data responsibly and in line with new regulations.

About Pinsent Masons

Pinsent Masons is a global 100 law firm, specialising particularly in the energy, infrastructure, financial services, real estate and advanced manufacturing and technology sectors. The firm employs nearly 3000 people worldwide, including around 1500 lawyers and 400 partners. The firm's international footprint encompasses seven offices across Asia Pacific, two offices in the Middle East, five offices in continental Europe and one in Africa. The firm also has comprehensive coverage across each of the UK's three legal jurisdictions.

  • Pinsent Masons LLP is a limited liability partnership registered in England & Wales (registered number: OC333653) authorised and regulated by the Solicitors Regulation Authority, and by the appropriate regulatory body in the other jurisdictions in which it operates. The word ‘partner’, used in relation to the LLP, refers to a member of the LLP or an employee or consultant of the LLP or any affiliated firm who is a lawyer with equivalent standing and qualifications. A list of the members of the LLP, and of those non-members who are designated as partners, is displayed at the LLP’s registered office: 30 Crown Place, London EC2A 4ES, United Kingdom.
  • We use ‘Pinsent Masons’ to refer to Pinsent Masons LLP and affiliated entities that practise under the name ‘Pinsent Masons’ or a name that incorporates those words. Reference to ‘Pinsent Masons’ is to Pinsent Masons LLP and/or one or more of those affiliated entities as the context requires. © Pinsent Masons LLP 2017.
  • Pinsent Masons office network extends across the major international business centres of London, Dublin, Munich, Düsseldorf, Madrid, Paris, Doha, Dubai, Beijing, Shanghai, Hong Kong, Singapore, Johannesburg, Sydney Melbourne and Perth - and the key commercial centres in the UK.