Two more tenancies agreed
St Andrew Square development now fully let
One St Andrew Square: fully let
The entire south side of St Andrew Square in Edinburgh has now been fully let by the Aberdeen Standard Investments real estate team.
In a deal for the Standard Life Pooled Property Pension Fund, the remaining office space at 1 St Andrew Square has been leased to UK property investor and developer, Ediston Real Estate, and Places for People, a development and regeneration company.
Both businesses have signed 10-year leases. Ediston Real Estate will occupy 4,452 sq ft on the first floor, and Places for People has taken 3,983 sq ft of space on the second floor.
These deals follow lettings earlier this year on the third and fourth floors to global financial services company UBS, and software development company KPV.
David Stewart, fund manager for Aberdeen Standard Investments, said: “These final lettings mark the end of our regeneration journey on the south side of St Andrew Square.”
Andy McKinlay, chairman of Ediston, added: “The move to 1 St Andrew Square marks another important growth phase for our business. Securing larger premises helps integrate our new residential business into the real estate team and provides contemporary and efficient offices befitting a modern real estate company.”
The office space at 1 St Andrew Square has been comprehensively refurbished. It features exposed surfaces, brickwork and a full height internal atrium designed to maximise the use of natural light and impressive views.
The building was acquired as an addition to the 165,000 sq ft mixed-use St Andrew Square development by the Standard Life Pooled Property Pension Fund and joint venture partner, Peveril Securities. The entire development is now occupied by eight bars and restaurants, a flagship store, five businesses, including Aberdeen Standard Investments, as well as five residential apartments.
Savills advised the Standard Life Pooled Property Pension Fund, while CuthbertWhite acted for Ediston Real Estate. Places for People represented themselves.