Leading real estate advisor CBRE has announced it has secured a new occupier for 55 Douglas Street in Glasgow on behalf of the landlord Signal Capital.
Scottish Daily Record and Sunday Mail Limited, a subsidiary of Reach Plc, has taken the entire first floor of 55 Douglas Street, totalling 14,298 sq ft of Grade A workspace, on a ten-year lease at a rental of £29.50 per sq ft. The company is relocating from its current office at 40 Anderston Quay in Glasgow, with the move part of the company’s UK-wide strategy to operate from a higher quality, more efficient workspace that better meets its needs.
Scottish Daily Record and Sunday Mail Limited is the first tenant to be secured at 55 Douglas Street following completion of a significant refurbishment project that included a transformative entrance extension. In total the building comprises 85,000 sq ft of flexible, virtually column-free office space over six levels, all offering occupiers a Grade A specification including an EPC A rating. The building’s on-site amenities are some of the best currently on offer in Glasgow including a fitness studio/gym, 120 cycle racks with dedicated cycle entrance, drying room and high-end gym-style shower and changing rooms.
Situated in a premier location within the heart of Glasgow’s Central Business District, 55 Douglas Street is surrounded by some of the biggest names in business and finance as well as international leaders in precision medicine and pharmaceuticals, research services and engineering.
Martin Speirs, Associate Director at CBRE Scotland, commented: “It is great news that we’ve secured Scottish Daily Record and Sunday Mail Limited for 55 Douglas Street. While the office market is facing challenges, this letting is clear evidence that quality accommodation is highly sought after by occupiers and that the wellbeing of their staff is paramount when selecting new office space. The building’s fantastic ESG credentials and abundance of wellbeing facilities, coupled with its well-connected location, ensures that it offers some of the best office space in Glasgow city centre, enabling it to attract the best occupiers in the market.”
Gareth Richardson, Director at Signal Capital, added: “We are delighted to welcome the Scottish Daily Record and Sunday Mail as our first tenant to 55 Douglas Street. Having such a large and well-known occupier lease the first floor is testament to the quality of 55 Douglas Street and its credentials as a modern, green and efficient office building that delivers on occupiers’ ever increasing demand for best in class amenities.”
David Dick, Editor In Chief, Scottish Daily Record and Sunday Mail, stated: “This is the start of a new era for the teams at the Daily Record and Sunday Mail who will be joined by the Scottish Daily Express, Glasgow Live and journalists from many of our other print and digital mastheads. We look forward to building a fantastic future for our news brands in our new city centre home.”
CBRE represented the landlord Signal Capital jointly with JLL in the transaction whilst Paradigm Property Consultants acted for Scottish Daily Record and Sunday Mail Limited.