31 October, 2017
Zurich Insurance is the latest global occupier to commit to Abstract’s St Vincent Plaza office development scheme in Glasgow.
The business is relocating its office from The Eagle Building in Bothwell Street in mid-2018 and will take the entire 7th floor of the development comprising 17,222 sq ft on a new 10 year lease.
St Vincent Plaza is a speculative ‘Grade ‘A’ office development of 172,307 sq ft arranged on lower ground, ground and 10 upper floors. The building occupies a prominent position in Glasgow City Centre and has been designed to support highly efficient day one occupancy levels from 1 person per 6 sq.m.
With a BREEAM ‘Excellent’ and EPC ‘A’ environmental accreditation, the development provides the most cost effective new build city centre office accommodation anywhere in the UK.
Mark Glatman, Chief Executive of Abstract, commented: “We are delighted that Zurich has chosen St Vincent Plaza. They join KPMG, Whyte and Mackay, Wood Group, Mott Macdonald and the Registers of Scotland to add to an impressive list of occupiers in the building and we are now down to only two floors remaining. With no new speculative space under construction in the City, the choice for occupiers in the City is becoming very limited.’’
Christopher McPherson, Development Director of Abstract said, ‘’The letting to Zurich takes our total occupancy in Glasgow to 85% and further demonstrates the success of our ‘uncompromising value’ approach to office development which has been very well received by an impressive line-up of major corporate end users in Glasgow and in our other schemes throughout the UK.’’
Joint agents for St Vincent Plaza are CBRE and Ryden.
JLL represented Zurich.
For more information visit www.stvincentplaza.com
Image shows: St Vincent Plaza
Notes to Editor:
Over the past 5 years Abstract has built or has under construction over 1 million sq.ft. of net lettable offices across the UK, together with a major office refurbishment of 250,000 sq.ft. making it one of the country’s largest regional developers. The Group undertakes development as a principal speculatively and for end users. Abstract also acts as a development manager under design and build arrangements and in joint venture partnerships.
Abstract has gained a strong reputation for delivering award winning schemes, including its new range of “uncompromising value” offices. These buildings deliver high specification, Grade A space with top environmental credentials (BREEAM Excellent and EPC ‘A’ rated) with a tight design and procurement process, offering occupiers the best value and cost per workstation of any modern offices in their local market.
St Vincent Plaza is a 172,307 sq ft building arranged on lower ground, ground and 10 upper floors. The building achieved a BREEAM excellent and EPC A rating. With the letting to Zurich, committed rent on the building is now £3.818m per annum, approaching 90% of the target rent. Only the ground floor, 12008 sq ft, and the first floor, 14902 sq ft remain to be let.