THE first tenant has been secured for the £30 million Cadworks development in Glasgow, bringing a major boost to the city’s office market as people continue to work from home amid the pandemic.
Commercial law firm TLT has signed up to occupy the 10,000 square foot ninth floor at the Grade A office block on Cadogan Street, which is scheduled for completion in November.
FORE Partnership, the property investment firm behind Cadworks, said TLT will take on its tenancy immediately to begin fitting out its office. The UK law firm will move its Scottish office to the building on a 10-year lease from its current premises on West George Street in early 2022. TLT, which has 75 staff in Glasgow, also has an office in Edinburgh.
FORE has pledged that the 96,000 sq ft Cadworks, which is due to open as the COP26 climate change conference takes place in the city, will be one of the greenest buildings in Scotland.
The building will be net-zero in terms of carbon emissions and feature a cycle-in access ramp – which is believed to be the first in Glasgow – recycled construction materials and air purifying Airlite paint. It will offer a range of flexible spaces.
Basil Demeroutis, the managing partner of FORE who founded the firm in 2012, said: “We are delighted to today announce the first tenant for Cadworks, TLT. To be able to announce a prestigious and highly-respected inaugural tenant is fantastic. It is equally exciting to have a firm join us whose commitment to environmental and corporate social responsibility matches our own.
“Cadworks is about being relevant, about what people want now. As companies focus increasingly on bolstering the social and cultural attributes of their brand, it is critical to consider the way they care for the wellbeing of their staff and families, the community, and the planet.
“Cadworks is a tool to help our tenants achieve this. It is an entirely different value proposition than what has come before. We are proud to welcome them to Cadworks and look forward to their move to the building.”
John Paul Sheridan, partner and location head at TLT, said: “We continue to invest to grow our business in Scotland and our new office space is the next step on that journey.
“Our people are guiding the design so that it enables greater flexibility in how and where they work as we start to use our offices again; as well as providing the space to better support and work with our clients. Critical to that will be the tech we use to connect with clients and colleagues locally, nationally and internationally.
“Cadworks’ sustainable office design, alongside its vision of the wider positive social impact developments like this can have, is an approach that sits well with our own strategic and responsible business priorities.”
Cadworks was advised on the deal by Savills, Ryden and Avison Young.
News of its inaugural tenant came as the first occupier was announced for building 2 at Atlantic Square in the city’s financial services district nearby. Atkins, the engineering and project management consultancy, has leased more than 20,000 sq ft across the fifth and sixth floors of the property.
Spanning 96,650 sq ft of Grade A office space, 2 Atlantic Square has been developed as a joint venture between BAM Properties and Taylor Clark. It comprises six floors of office accommodation and 7,000 sq ft of retail and restaurant space on the ground level. Atkins is expected to begin fitting out its new premises in the coming weeks.
Dougie Peters, managing partner of BAM Properties, said: “There continues to be a strong demand for Grade A office accommodation, in the right location and with the best facilities, and we are delighted to welcome Atkins to Atlantic Square. As organisations seek a hybrid approach to working patterns, having the right environment has never been more crucial especially when thinking longer term about attracting the right talent pool. Our development has helped to invigorate the IFSD area and with more development ongoing and the improved facilities along the waterfront, it’s a vibrant part of the city in which to be located.”