Pinsent Masons is the latest occupier to take space at Capital Square – Edinburgh’s largest speculative office building, being developed by BAM Properties in partnership with Hermes Investment Management, the £35.3 billion manager.
The legal firm is leasing 25,300 sq ft of accommodation across two floors of Capital Square, which is located within the Exchange business district between Morrison Street and Lothian Road. Ranked amongst the world’s top 75 law firms, Pinsent Masons employs more than 500 lawyers and support staff in Scotland.
Capital Square, which is being built by BAM Construction, is a premier Grade A office development featuring eight floors, spanning a total of 122,500 sq ft of prime accommodation. It is scheduled for completion in May 2020, with only 54,000 sq ft remaining to be let. The building will include concierge level front of house service, 24 hour manned security, shower and locker facilities for cyclists and runners, and an extensive suite of additional tenant services.
Dougie Peters, Managing Director, BAM Properties, said: “We are delighted to welcome Pinsent Masons to Capital Square, which represents our second major letting success in recent weeks. More than half of the building is now pre-let, which demonstrates how attractive Capital Square is as a working environment and location for modern occupiers seeking to attract and retain the best talent.
“Quality Grade A accommodation is key for Edinburgh to remain attractive to occupiers and Capital Square is providing first class office space at a time of limited supply in the market.”
Earlier this month BAM Properties and Hermes Investment Management welcomed Brodies LLP as the first occupier at Capital Square.
Ian Cody, Director, Asset Management at Hermes Investment Management, added: “This further letting is testament to the prime working environment at Capital Square and BAM’s ongoing positioning of the property with prime occupiers. We look forward to welcoming Pinsent Masons once the building is complete, where they will be able to capitalise on the high quality facilities available and the asset’s strategic city centre location. We would also like to take this opportunity to recognise our fellow landowner and partner, The City of Edinburgh Council who have been pivotal in unlocking this development.”
Hermes Investment Management, working in conjunction with Parlison Properties, secured planning permission for the scheme in 2015 and Parlison Properties is continuing to act as development consultant for the project. The building was designed by architects Hurd Rolland.
Ewan Alexander, Partner and Head of Pinsent Masons in Edinburgh, commented: “Scotland is a critical market for us and we required premises that reflect our ongoing commitment to the capital and market-leading position. There has been a dearth of suitable Grade A office accommodation in Edinburgh, so we are delighted to have agreed a lease for premises at the heart of the city’s business district.”
CBRE and Montagu Evans represented BAM Properties and Hermes Investment Management, while, CBRE acted on behalf of Pinsent Masons.