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News Release


KPMG deal highlights benefits of 123 St Vincent Street

Location, floorplates, security and terms all contributed to lease agreement

Glasgow, 8 May 2013 - The multiple benefits of one of Glasgow’s best known and largest city centre office buildings have been highlighted by a landmark lease deal which will create 150 financial sector jobs for the city.

Jones Lang LaSalle agreed a 10-year letting at 123 St Vincent Street on behalf of professional services firm KPMG with building owners Aviva Investors Property Trust.

KPMG will open a new “tax centre of excellence” in the 15,500 sq ft space after consulting closely with Scottish Development International, Glasgow City Council and Jones Lang LaSalle to find a suitable location.

Campbell Hart, director, Office Agency at Jones Lang LaSalle, said: “Apart from the diversity of benefits Glasgow offered as a destination for the project, two determining factors brought KPMG to 123 St Vincent Street: the building’s location in the city’s traditional CBD, and its 15,500 sq ft floorplate. That alone enabled all staff to be located on one level.

“123 St Vincent Street also has an on-site building manager and high levels of security, which facilitate flexible working arrangements. Those attributes and immediate access to public transport infrastructure, shops, cafes and leisure opportunities made the proposition a very attractive one for KPMG.”

The new tax centre, which has been acquired on a 10-year lease at a rate of £23.50 per sq ft, will handle tax compliance work from the firm's 22 UK offices.

Aviva will now embark on the refurbishment of the two top floors of 123 St Vincent Street, releasing two more 15,000 sq ft floorplates and a rare 30,000 sq ft occupational option in the traditional CBD building by early autumn 2013.