Office sale ‘could be year’s biggest Glasgow deal’

Morgan Stanley Glasgow
Morgan Stanley occupies 122 Waterloo Street

An office block occupied by Morgan Stanley has been put up for sale in what could be one of the biggest deals in the city this year.

The nine-storey building at 122 Waterloo Street was completed in 2018 at a cost of £45 million and provides space for 2,000 workers.

It has been put up for sale by its owner – a client of Knight Frank Investment Management – and is being jointly marketed by Knight Frank and Cushman & Wakefield.

It provides the largest European office outside London for Morgan Stanley, with 156,980s sq ft of Grade A space and has a ground floor gym and fitness centre operated by Nuffield Health.

122 Waterloo Street was completed in 2018

John Rae, head of office at Knight Frank Glasgow, said: “122 Waterloo Street is a prime asset located at the heart of Glasgow’s International Financial Services District, backed by a very strong covenant in Morgan Stanley – particularly given its ‘mission critical’ status.

“Glasgow has seen an upturn in deal activity in the first few months of 2024, so we expect to see a good level of interest, with buyer and vendor expectations moving closer together as interest rates appear likely to stay higher for longer.”

Murray Strang, managing partner for Scotland at Cushman & Wakefield, added: “This opportunity should be highly attractive for a range of international investors and parties considering investment into a leading, regional UK office market.”  

Leith flats approved

A development of rented homes and student apartments at Ocean Point in Leith has been granted planning consent.

Ocean Point 2, by S Harrison Developments, will comprise residential and purpose-built student accommodation, along with commercial uses and co-working space.

Together with Ocean Point 1 there will be 112 BTR homes. A quarter of these are three-bed apartments designed for families, and a quarter of the apartments will be affordable housing. There are 404 student beds.

The development neighbours Ocean Terminal, which is undergoing a £100m redevelopment, delivering residential, commercial, retail and hospitality uses.

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