BNP Paribas, one of the world’s largest banking groups, has agreed a deal to move its Glasgow operations to HFD Group’s 177 Bothwell Street.
The firm will move more than 200 staff currently based across the city into the 20,624 sq. ft. first floor of what will be Glasgow’s largest single office building.
While the letting sets a new headline rent for the city, occupiers will benefit from lower overall operational costs thanks to 177 Bothwell Street’s energy efficiency and a comparably lower service charge achieved through the building’s economies of scale.
The addition of BNP Paribas means there are now just three full floors available at 177 Bothwell Street. Virgin Money has pre-let 50% of the building for its new headquarters, while HFD Group’s serviced offices business will operate from another two floors.
177 Bothwell Street has been specifically designed to meet evolving occupier needs. The building was recently announced as the first Scottish property to commit to achieving the new SmartScore accreditation for smart buildings. It is also the first development in Scotland to achieve a ‘Platinum’ WiredScore certification, a standard recognising that future occupiers will have the best connectivity available.
In November 2020, HFD announced that 177 Bothwell Street would produce zero carbon emissions by going fully electric from 100% renewable power, while targeting an EPC rating of ‘A’ and BREEAM ‘Excellent’ standard. It will also feature a rooftop terrace and running track, 318 cycle spaces, electric vehicle charging points, and touchless technology throughout the building.
An independent economic impact assessment concluded that the 313,000 sq. ft. development will generate £2.8 billion of gross value added (GVA) to the Scottish economy over 25 years.
Stephen Lewis, managing director of HFD Property Group, said: “Securing another tenant of BNP Paribas’s quality is further demonstration of how 177 Bothwell Street has been designed to exceed occupier requirements. We have worked hard to ensure that occupiers are at the heart of what the building is about, through a wide variety of initiatives – whether it is minimising 177 Bothwell Street’s carbon footprint or maximising natural day light for the people working there.
“It is fitting that the build will complete just in time for COP26 arriving in Glasgow, with our occupiers able to demonstrate their comment to minimising their impact on the environment by selecting net-zero carbon office space.”
Gary Cameron, Head of Scotland at BNP Paribas Real Estate, said: “As we exit the pandemic and return to the office, we must embrace new ways of working.
“BNP Paribas is a business leader in ESG commitments with wellbeing and sustainability at the forefront of what we do. A top priority is making sure our staff have the best possible work environment to serve our clients. 177 Bothwell Street is the perfect place to help us to help realise those ambitions.
“The move re-affirms the group’s commitment to Glasgow and this best-in-class asset is aligned with our plans for the next chapter of BNP Paribas in Scotland.”
Knight Frank and CBRE, 177 Bothwell Street’s joint agents, represented HFD Property Group with BNP Paribas Real Estate representing BNP Paribas. The building is set to complete in the fourth quarter of 2021.