Scottish Widows Investment Partnership has secured the largest office letting of the year in Edinburgh, with the announcement today that world leading energy research and consultancy firm Wood Mackenzie is to move its Edinburgh office to the Capital’s new flagship development Exchange Place.
Wood Mackenzie struck a 17 year deal with developer Scottish Widows Investment Partnership (SWIP), to take 38,200 sq ft in Exchange Place 2, which comprises the second to fifth floors.
Cameron Stott, director at Jones Lang LaSalle, said: “This deal with Wood Mackenzie is excellent news for Exchange Place and the Edinburgh office market as a whole and reflects the strong appeal of this development for new tenants. Exchange Place is fast becoming Edinburgh’s most prominent business location and this high quality, city centre office space has ticked all the boxes for Wood Mackenzie.”
Darryl Tidd, investment director at SWIP, added: “SWIP is delighted that Wood Mackenzie has chosen Exchange Place as its Edinburgh base. Exchange Place is the largest speculative city centre development in the capital for a number of years and its excellent green credentials combined with city centre location make it an attractive option. 35% of Exchange Place is now occupied – a great achievement during any market, but particularly significant in the environment we operate today.
“Wood Mackenzie will move to Exchange Place from its existing office on Queen Street in Summer 2010 following tenant fit-out.”
Hugh Rutherford, Partner at Montagu Evans added: “With the office development pipeline ceasing in 2009 and no new development until at least 2012 at the very earliest, Wood Mackenzie were keen to secure quality space in the heart of Edinburgh’s prime office district. With a large number of other organisation’s leases coming to an end over the next five years, Wood Mackenzie was keen to achieve the pick of available new Grade A space.
“We expect other organisations with lease breaks/terminations will realise that the current tenant market will quickly turn as increased inherent demand and a shortage of new Grade A stock hits home.”
The Exchange Place development offers flexible office accommodation across three striking buildings, designed by Cre8 Architecture. Wood MacKenzie will join tenants Scott Moncrieff and Hymans Robertson. A further 127,700 sq ft remains with 96,500 sq ft at Exchange Place 1, 21,500 sq ft at Exchange Place 2 and 9,700 sq ft at Exchange Place 3.
Jones Lang LaSalle and Cushman & Wakefield acted for Scottish Widows Investment Partnership and Montagu Evans acted for Wood Mackenzie. | 