Blow for flagship scheme
Baillie Gifford ditches planned move to new offices
The building is part of a flagship development by Chris Stewart Group
Baillie Gifford, the fund manager, is understood to have dropped its plans to move 250 staff to a new office development in central Edinburgh.
The company, which has more than 1,200 staff, signed a deal two years ago to pre-let 60,000 sq ft 20 West Register Street in St Andrew Square which would add to its head office in nearby Leith Street.
It now intends to sub-let the building which was acquired in June 2018 ahead of completion by Hines Pan-European Core Fund, one of Hines’ flagship funds.
It is understood that the company was always going to sublet part of the building.
Hines agreed the forward purchase of the building from Edinburgh-based property development and investment company, Chris Stewart Group in an off-market transaction pre-let on a 15-year lease.
The seven-storey building, designed by Hoskins Architects, was part of a sensitive £85 million redevelopment that included the neighbouring former RBS banking hall which has become the Edinburgh Grand hotel.
20 West Register Street, formerly known as the Mint Building, was due to be finished last year but was only completed in recent weeks.
At the time of the letting, Alan Paterson, partner at Baillie Gifford, said the offices would provide the firm with flexible space for the long-term expansion of its client base.
The company said today: “We decided to reassess our need for additional office space given the current circumstances and to avoid further disruption for our staff.“