LGIM Real Assets (Legal & General) announces that Birmingham city centre’s landmark Lewis Building has signed-up the BGF to take the full 7th floor at the refurbished building.
BGF has taken the 12,000 sq ft top floor – which features full-height glazing and access to private external terraces and one internal winter garden – on a 10 year lease, relocating from existing office accommodation in Birmingham city centre.
The deal means that the 114,000 sq ft building is now over 60% let, just 12 months after completion of a full back-to-frame refurbishment by landlord LGIM Real Assets. This leaves just 50,000 sq ft of Grade A office space available.
Tom Williams, Fund Manager, LGIM Real Assets, said: “The refurbishment of the Lewis Building has been very well received by the Birmingham occupational market, with the high quality finishes and bold reception style resonating strongly with the market and driving a successful leasing strategy.”
BGF, which provides investment to support growing companies and ambitious entrepreneurs, was established in 2011 and is recognised as the UK’s most active investor.
Gurinder Sunner, BGF said: “2018 has been an incredibly active year for BGF, having completed on average one investment per week into SMEs in the Midlands. As part of our continued expansion, we are delighted to have signed the lease on new, larger premises in the Lewis Building in Birmingham.
“The Lewis Building represents a perfect combination of factors that we were looking for, including proximity to the city core. We are now looking forward to the completion of our fit-out in this outstanding location.”
The deal was completed by Will Ventham and Liz Bailey of CBRE, who are joint letting agents on the Lewis Building with Charles Toogood of GVA.
Will Ventham, CBRE, said: “The Lewis Building represents a unique opportunity within the city core, providing high quality accommodation at a competitive price point. There was a strong sense from BGF that they wanted to remain as close to the established core as possible while upscaling both the quantum and quality of their space. Throughout the refurbishment, L&G has provided a highly desirable, functional and visually appealing workplace.”
Charles Toogood, GVA, said: “One of the Lewis Building’s key driving factors to occupiers is that while it competes directly with the like of One Colmore Square in terms of quality, its location just two minutes from Colmore Row provides a more cost-effective solution for occupiers.
“Combined with its proximity to the city’s main railway stations, the Midland Metro and the future site of HS2 in Curzon Street, it is clear to see why it has risen so quickly to become one of Birmingham’s most significant commercial destinations.”
Both the Lewis Building’s other tenants, the Ministry of Justice (MoJ) which occupies the third floor; and Regus’ Spaces co-working concept which occupies 32,000 sq ft on the ground, first and second floors, committed to occupancy prior to the completion of the refurbishment, demonstrating confidence in the works.
Spaces has already successfully let 150 work stations since the completion of its fit-out in July.
Award-winning architectural practice EPR were behind the designs of the new building, whilst construction company Willmott Dixon undertook the works.
