Quartermile

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Quartermile signs first major commercial tenant

Quartermile, the joint venture development between Gladedale Capital and HBOS, has secured Edinburgh’s largest city centre pre-let of speculative accommodation in five years.

Leading law firm Maclay Murray & Spens (MMS) has agreed to take 50,000 sq ft of No.1 Quartermile Square, almost half of the flagship grade A office building, as its new Edinburgh office.

The conclusion of a deal eight months in advance of the building’s completion is a huge vote of confidence in Quartermile and establishes it as a prime commercial property location within the city centre.

Based on the site of the former Edinburgh Royal Infirmary, Quartermile is being developed as a joint venture between Gladedale Capital Ltd and HBOS. On completion, the £400 million regeneration project will offer more than 300,000 sq ft of Grade A office space, 900 luxury apartments, a boutique hotel and various leisure and retail facilities.

The sales rate of residential units has already been very strong with record values being achieved.

Jim McIntyre, Managing Director, Quartermile, said: “We are delighted to have Maclay Murray & Spens as our first commercial tenants and look forward to welcoming them to Quartermile.

“Securing this calibre and size of tenant before the development is completed underlines our belief that Quartermile offers everything 21st century companies need – striking office accommodation in a location that offers staff a high level of amenity within the city centre.”

MMS is one of Scotland’s largest commercial law firms with offices in Aberdeen, Edinburgh, Glasgow, London and Brussels. The company is set to take the top three floors of No.1 Quartermile Square, providing office space for up to 250 staff.

Magnus Swanson, Chief Executive of MMS, said: ""The move to No.1 Quartermile Square will be a significant step forward in the development of our business in Edinburgh. It will enable us to provide excellent client facilities and a superb working environment for our staff in a stunning building which, like our City-base in One London Wall, is a Norman Foster design. In the wider development, the lifestyle considerations make the move very attractive for our people given the planned retail and leisure facilities and the location on The Meadows, yet close to the city centre. The war for talent is a feature of the legal marketplace and we believe this move will help us maintain a competitive advantage. To quote our own strapline, we regard this as a very smart move.”

Designed by Foster and Partners, the architects behind internationally renowned projects like London’s Swiss Re Tower, the Reichstag in Berlin and Hong Kong’s new airport, No.1 Quartermile Square sets a new tone for offices in Scotland.

No.1 Quartermile Square is a striking seven storey office building featuring column-free open plan space and floorplates ranging from 9,677 sq. ft to 20,656 sq. ft. As well as an impressive reception and atrium, the ground floor will include two retail units of 12,508 sq ft and 2,153 sq ft.

Set back from the road, next to the Category “A” listed former Surgical Hospital, No.1 Quartermile Square will front on to a new public space, providing an impressive gateway to the whole site. Its dual aspect will provide views of Quartermile itself and the Pentland Hills to the south, and of Edinburgh Castle and George Heriot’s School to the north.

Stewart Taylor, Director of Business Space at CB Richard Ellis, said: “Edinburgh’s office market has been characterised for several years by a lack of large transactions. This is the biggest commercial property deal of its kind since 2002 and it establishes Quartermile as a key commercial property destination for today and into the future, within the city centre.

“Quartermile is changing the profile of the city’s office market. The Edinburgh commercial market has been very slow for the past three to four years so a pre-let of this size, to a blue chip firm at a rental equivalent to established prime locations is a major coup for Quartermile.”

Ben Reed, Director at Jones Lang LaSalle, said: "This is a major coup for the Edinburgh office market and due to the size of the letting should create a ripple effect due to the decreasing supply of Grade A space in the city centre. Our clients spent considerable time identifying a preferred option which would enable them to continue to grow the business in Edinburgh. No.1 Quartermile will undoubtedly provide a superb office environment with unique views across the city.”

CB Richard Ellis and Montagu Evans acted for Gladedale in the deal and Jones Lang LaSalle acted for MMS.

Ends

Notes to editors:

Quartermile’s developer is a partnership between Gladedale Group and Bank of Scotland Corporate. With extensive experience in schemes of this nature, both partners have the resources and reputations that are demanded by such a unique and important development.

Issued by the BIG Partnership on behalf of Quartermile. For further information or images please contact Sarah Bailey or Gemma McGhee on 0131 558 3111.

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