Anderson Strathern deal is largest new build Grade A office transaction in Edinburgh this year.
Edinburgh, 16 October 2022 - BAM, the developer of Grade A office Capital Square in Edinburgh, has announced three new lettings, taking the development to almost 90% occupancy with only 9,421 sq ft remaining available and a further suite under offer.
Anderson Strathern has taken 21,432 sq ft across the ground and first floors on a 15-year lease, representing the largest new build Grade A office transaction in Edinburgh this year. The leading Scottish law firm will relocate its staff from an office on Rutland Court to Capital Square following a period of fitting out.
International audit, tax and advisory firm Mazars has leased 8,247 sq ft on the second floor on a ten-year lease, moving staff from an office in Apex 2 on Haymarket.
Following its acquisition of civil engineering firm Peter Brett Associates, Stantec is relocating staff based across two Edinburgh offices (in Eastfield House and Randolph House) into Capital Square. The international company has taken a suite on the third floor extending to 9,241 sq ft and with its fit-out under way, the business hopes to be in occupation before the end of the year.
Awarded the Best Commercial Workplace in Scotland in 2022 by the British Council for Offices, the newly completed Grade A development is located in the heart of Edinburgh’s Exchange District. It is equipped with an abundance of ESG features including an intelligent LED lighting system, electric car charging points and solar panels and also has a landscaped courtyard, outdoor seating and a private garden area. It has just secured an International Green Apple Environmental Award 2022 for work towards biodiversity.
Earlier this year law firm Pinsent Masons achieved a Gold ‘Well’ certification for its office in Capital Square, the first in Scotland to do so. Brodies has also recently taken occupation of a new office in Capital Square following completion of a high specification fit out.
Acting on behalf of the landlords BAM and Federated Hermes, global real estate advisors CBRE and JLL are the letting agents at Capital Square.
Mark Broderick, BAM’s Development Director - Scotland, said: ‘Our new occupiers are among the best businesses in their fields and understandably they all had high standards when searching for new offices in the city. Our fantastic green credentials and wellness facilities, coupled with our central location in the sought-after Exchange District, ensure we have an unrivalled offering that enables us to attract the best occupiers in the market.’
Stewart Taylor, Senior Director at CBRE Scotland, said: ‘Securing these deals provides clear evidence that occupiers want best-in-class accommodation that resonates with their staff whilst helping to achieve their environmental goals. Capital Square offers both an abundance of wellbeing amenities and sustainability features, confirmed by the fact that Pinsent Masons recently achieved a Gold ‘Well’ certification. With the shortage of accommodation of such high quality, we hope to announce a further letting in the building shortly.’
Craig Watson, Director at JLL, added: ‘A growing number of occupiers are signing up to Science Based Targets (SBTs) therefore sustainable office buildings which meet these commitments, like Capital Square, are letting ahead of their competition. There is no doubt in my mind that ESG is growing in importance and is now a fundamental part of occupiers’ decision making when considering an office move.’
With another suite on the ground floor under offer, only one suite on the second floor, extending to 9,241 sq ft, remains available in Capital Square.