Totalling 128,600 sq ft, the building was fully let four months before practical completion. M&G Real Estate provided £80m of funding in 2014 for both buildings to be speculatively developed.
Paul Curran, managing director of Quartermile Developments, said: “State Street’s decision to move to Quartermile further endorses the strength of Edinburgh’s commercial property market.
“With Quartermile 3’s ground floor representing the final opportunity for businesses to locate to our development, we are talking to a number of potential occupiers and hope to be able to make further positive announcements in the near future.”
State Street was founded in 1792, has revenues of $10.76bn (£8.62bn) and offices in 30 countries. The company is responsible for 11% of the world’s assets.
Aaron Pope, director, asset management at M&G Real Estate, said: “We recognised the investment opportunity Quartermile presented as Edinburgh’s prime residential and commercial location.
“The successful pre-letting of Quartermile 4 in its entirety before practical completion and Edinburgh’s largest deal in 2017 having now been secured at Quartermile 3 reinforce our decision to fund the buildings’ speculative development and affirms the scheme’s position as one of the most significant new office developments in Scotland.”
Quartermile Developments was advised on the deal by agents CBRE and Montagu Evans with legal advice provided by Brodies. State Street’s advisors are undisclosed.
Current commercial occupiers at Quartermile include Skyscanner, Mercer, Investec Wealth and Investment, IBM, Morton Fraser, Maclay Murray & Spens and the Scotch Whisky Association.
Quartermile is expected to be completed in 2018. When finished, the development will provide Edinburgh with more than 1,000 apartments – of which more than 650 are already occupied and another 176 under construction – along with 370,000 sq ft of Grade A office accommodation, 65,000 sq ft of retail and leisure space and seven acres of open landscaping.