Avison Young secures tenants in city offices
Avison Young has completed two office deals within two weeks at Topland’s 144 West George Street, Glasgow, reflecting the attraction of refurbished accommodation.
It has agreed a seven-year lease for 4,084 sq ft on the second-floor with environmental consultancy firm Environmental Resources Management (ERM), an existing tenant which is expanding following a recent merger.
Similar space on the fourth floor has been let to Glasgow-based architecture practice Convery Prenty Shield on a new 10-year lease.
Tony Gee and Partners has foregone its break option and will remain for a further five years.
Topland – one of the largest privately-owned real estate groups in the UK, is planning another high-quality refurbishment designed by GFiveThree Architecture on the seventh floor which will provide 3,040 sq ft, ready for the second quarter of 2023. Topland is advised on the building by joint agents Avison Young and Knight Frank.
Michael Facenna, Glasgow-based associate director at Avison Young, said: “In common with many successful city centre lettings, high quality refurbishment and the provision of additional facilities, such as showers and dedicated cycle storage, has proved attractive to companies looking for modern, practical office space.
“The majority of deals in the city in 2022 have been in the sub 5,000 sq ft size bracket and demand from occupiers continues to be strong for buildings where landlords are proactively refurbishing and offering energy efficient space that already benefits from fit-out.”
Steve Pope, group director of property and asset management at Topland, said: “While many investors were quick to pause activity in the commercial market during the pandemic, we remained proactive in securing high quality assets like 144 which have become increasingly popular as businesses return to urban centres.
“As the cycle of investment enters a more challenging phase, we’re continuing to keep our loan and development books open as we look to capitalise on key growth sectors in 2023.”
ERM was represented by Cushman & Wakefield and landlord Topland was advised by Avison Young in both lettings.