Blackadders takes space at refurbished Torphichen Street offices
40 Thorphichen St: refurbished
Legal firm Blackadders has signed up for a 4,261 sq ft suite on the first floor of M&G Real Estate’s refurbished central Edinburgh office, 40 Torphichen Street.
Blackadders will become the fifth new occupier in less than a year. The letting comes just weeks after existing occupier, Xafinity Consulting secured a second suite in the building, nearly doubling its occupation to just over 8,000 sq ft. Marks and Clerk, Calero Software and Brady have taken space since September last year.
All six new leases were secured on ten-year terms despite the wider trend for shorter office leases nationally, largely because of the lack of stock in the Edinburgh city centre market.
Aaron Pope, asset management director at M&G Real Estate, said: “We acquired 40 Torphichen Street in 2018 acknowledging the growing demand for prime, modern office suites in this relatively underserved central Edinburgh market.
“We have future proofed the building to provide the sort of amenities that businesses increasingly expect to deliver the right working environment for staff. As a result, we have seen an increase in occupancy rate of more than 43% since our acquisition.”
JLL and Knight Frank acted for M&G Real Estate, Blackadders was represented by Graham & Sibbald.