Edinburgh’s largest Grade A office up for grabs
Edinburgh’s largest available Grade A office building, 10 George Street, has entered the market looking for a new occupier.
The eight storey building at the East end of George Street spans 70,000 sq ft, and is available following an extensive refurbishment, completing in November.
With panoramic views from its top floors over Fife and the rest of the capital, including Edinburgh Castle, 10 George Street is in one of the most desirable locations in the city, a stone’s throw from St Andrew Square.
Eric Young & Co and JLL have been appointed as joint letting agents and expect significant demand from occupiers experiencing critically short supply of available Grade A office space.
Ben Reed, Director at JLL said: “With available Grade A office space critically short, 10 George Street represents as rare an opportunity as you could find. Not only is the building impeccably refurbished, it is arguably the best located office in Edinburgh, with views to match. St Andrew Square has undergone extensive redevelopment in recent years and has attracted the highest calibre occupiers, retailers, restaurants and bars. This, combined with the close proximity to Edinburgh Waverley train station, and the tram network, makes 10 George Street ideally suited for a major occupier.”
Neil Gordon, Partner at Eric Young & Co said: “The building is available as a whole or on a multi-let basis and we anticipate interest from a range of sectors. No 10 ticks all the boxes for high quality occupiers with large floor plates, a fantastic specification including roof terraces on 3 levels and excellent environmental credentials.”
No 10 George Street’s refurbishment began in March 2018 for La Française Real Estate Partners International on behalf of their client Sampension KP. Architect Reiach and Hall is said to have achieved increased massing to create “efficient and high quality” Grade A office space.
Edinburgh’s office vacancy rate has dropped to 2.5%, down from 3.8% in 2017, and the lowest level since the financial crisis, according to JLL.
Edinburgh’s office market recorded a solid year of activity in 2018 with nearly 1 million sq ft of space let, and deals in 2019 already amount to 540,000 sq ft including lettings to WeWork, Instant Offices, Amazon and Epic Games.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.