M&G Real Estate, a leading global property investor, has signed a deal with flexible workspace provider, Spaces, which will take up residence at 1 West Regent Street, Glasgow. Spaces is part of Regus, the world’s largest provider of flexible office space, which holds space across 900 cities in 120 countries. The company has taken 30,933 sq ft on a 15-year lease.
Completed in 2015, M&G Real Estate acquired the entirety of 1 West Regent Street in February 2016.
1 West Regent Street is a Grade A office building in a prime location in Glasgow’s Central Business District, under five minutes’ walk from Queen Street and Central Stations and close to the city’s main transport hubs, including Glasgow Airport. Only half a floor remains in the asset.
Aaron Pope, Director – Asset Management at M&G Real Estate, said: “With only 1.6 per cent availability of Grade A office space, Glasgow is currently seeing strong occupier demand. With businesses constantly evolving, we understand the need to offer quality space to meet ever-changing requirements. The open plan layout at 1 West Regent Street will enable staff to work more efficiently, improving the productivity of companies operating in the building. Glasgow’s wider strategy to become the UK’s most productive city by 2023 is set to attract many national and international businesses into the city, and we are playing our part.
“Integral to any new development is our best-in-class responsible property investment strategy, which ensures our buildings are future-proof. 1 West Regent Street boasts outstanding environmental performance, with an EPC A and “very good” BREEAM rating, incorporating a sophisticated ‘Intelligent Building Management System’, creating lower running costs for our tenants. The asset also has a BREEAM “excellent” fit out rating, including shower and changing facilities for employees and storage facilities for 54 bicycles. Along with its sustainability-minded design, the building is ideally located in the centre of the city’s business and cultural landmarks, making it the perfect place for businesses to set up shop.”
Rupert Cooper, Development Director at Spaces, said: “The flexible workspace revolution has well and truly arrived and we are seeing demand for flexible office space increasing dramatically. Our research has shown that 53% of professionals now choose to work flexibly for at least half of their working week, illustrating just how important it is for companies to capitalise on this growing trend.
“In such a strong and dynamic market, we are excited to be partnering with M&G Real Estate. We are confident that the new space will be a welcome addition to the city’s already thriving business culture and entrepreneurial spirit.”
M&G Real Estate was advised by GVA and JLL. CBRE represented Spaces.