Dexcom opens European HQ in Edinburgh

US medical firm Dexcom has just opened its first European headquarters in Edinburgh and aims to create more than 60 jobs in the city over the next three years.

The firm, which develops and manufactures portable continuous blood glucose monitors (CGM) to help those with diabetes, has taken an 846 sq m (9,105 sq ft) Grade A suite at 1 Tanfield at Inverleith Row in Edinburgh.

It signed a 10-year lease at an initial rent of £19.50 per sq ft.  Ryden advised landlord Rockspring Property Investment Managers LLP (“Rockspring”) on behalf of its UK Value 2 LP (the “Fund”).  Eric Young & Co and Burness Paull acted for Dexcom.

The letting comes soon after the completion of a comprehensive refurbishment of Tanfield’s common parts, following Rockspring’s acquisition of the property in April 2015. Following the deal, Tanfield is now 85% let to 11 tenants, which includes Avaloq, Zonal, FNZ, Craneware and Dell Secureworks.

John Lister, general manager of commercial operations at Dexcom, said: “With its strong history of medical innovation and the incredible talent pool in the city, Edinburgh and Tanfield really stood out for Dexcom as a location.”

Peter I’Anson, partner at Ryden, comments: “Securing Dexcom as a tenant is superb news for Edinburgh and a welcomed reaffirmation of the city’s global reputation for being innovative and its ability to attract international organisations.  Tanfield is the perfect fit for Dexcom given its status for being home to progressive and pioneering businesses.”

Kim Sardar, assistant fund manager at Rockspring, added:  “Securing Dexcom’s first European HQ at Tanfield is a great achievement for Rockspring and the Tanfield team and endorses the decision to refresh the common parts to ensure that they provided the facilities expected by prospective tenants.”

Tanfield provides over 190,846 sq ft of affordable office space over three floors, as well as an underground car park with 297 spaces. Suites from 7,646 sq ft to 29,176 sq ft remain available to let, albeit that a number of businesses are currently assessing the space for occupation.

UK Value 2 is the second fund in Rockspring’s UK-only closed-end real estate strategy with a core plus risk profile.  The Fund held its final close in January 2015, which, at eight months, was the fastest fundraise Rockspring has achieved in its 30 year history.  Rockspring secured a total of £342 million of equity from 11 investors for the Fund, which will have a duration of seven years.