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US firm taking 60,000 sq ft

State Street lining up offices in central Edinburgh

exchange-crescentFinancial services firm State Street is poised to move into central Edinburgh in what would be the biggest office letting in Scotland since the EU referendum.

The US company is expected to take 60,000 sq ft in Exchange Crescent for its European hub after initially appointing Cushman & Wakefield to find 80,000 sq ft.

It currently occupies offices in Ferry Road, near Fettes. According to trade sources it has reduced its requirement because of the shortage of available stock.

The firm is said to be in the final stages of a deal for the Warburg-Henderson KAG-owned building on Conference Square off Lothian Road at around £22 per sq ft, according to Property Week.

If it goes through the deal would be the fourth biggest letting in Scotland this year and the second biggest in Edinburgh city centre behind Cirrus Logic’s deal to take 70,000 sq ft at Quartermile 4 in Q1.

The previous biggest deal in Scotland this year was the letting of 100 Queen Street in Glasgow to whisky company Edrington which has taken 30,000 sq ft for its new headquarters.

A lack of Grade A space in central Edinburgh is said to be forcing companies to downsize their requirements in order to take up what is available until new stock comes on stream in two years time.

Haymarket and New Waverleygate are among the projects now under way. Until they are ready most of the Grade A space is coming from office refurbishments.

Boston-headquartered State Street is listed on the New York Stock Exchange and has been in Edinburgh since 1998.



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