Topping out celebrations at Edinburgh’s Capital Square
Edinburgh, 21 October 2019 - The Right Honourable Lord Lieutenant, Lord Provost of the City of Edinburgh, Frank Ross joined representatives of BAM Properties, Hermes Investment Management, the £36 billion fund manager, and other invited guests, to celebrate the topping out of Capital Square, Edinburgh’s largest speculative office building.
Scheduled for completion in May 2020, Capital Square is the only new space due to complete in Edinburgh next year. Lord Provost Ross marked the closing stages of the structural frame construction by cementing in the final section of concrete.
Located within the Exchange business district, between Morrison Street and Lothian Road, Capital Square has already attracted two blue-chip occupiers, legal firms Brodies LLP and Pinsent Masons LLP.
Built by BAM Construction, the development features eight floors of modern open plan office space providing a total of 122,500sq ft of office accommodation, with only 54,000 sq ft remaining to be let. The unique office development has a private courtyard for dropping off and picking up, as well as landscaped gardens.
On completion, the building will include concierge level front of house service, shower and locker facilities for cyclists and runners, 24 hour manned security and an extensive suite of additional tenant services. A 110 space public car park is also being created as part of the development.
Frank Ross, The Rt. Hon. Lord Provost and Lord Lieutenant of the City of Edinburgh, said: ‘Edinburgh is an internationally renowned business location and demand for office space remains high. It is vital, then, that we continue to build new, high-grade office space to ensure that the future needs of Edinburgh businesses are met. I’m pleased that the Council has been able to work closely with BAM Properties and Hermes to help realise the potential of this prime site in the Exchange business district. In doing so, the new Capital Square will create a great opportunity for jobs and the sustainable growth of the local economy.’
Dougie Peters, Managing Director, BAM Properties, added: ‘It’s an exciting milestone for Edinburgh as the city has had a shortage of speculative Grade A accommodation for the last few years which it needs to remain competitive with other UK cities. Capital Square’s unrivalled location has undoubtedly been a major factor in attracting two of Scotland’s most prestigious law firms, both of whom are expanding, and need a quality environment surrounded by terrific amenities to support their staff.’
Matthew Chillingworth, Investment Manager at Hermes Investment Management, added: ‘Progress at Capital Square has been progressing well with this topping out marking an important milestone for us and our fellow landowner and partner, The City of Edinburgh Council, which has been key to unlocking this development. The new tenants, Brodies and Pinsent Masons, will be well placed to take full advantage of this landmark building’s city centre location, excellent sustainability credentials and prime working environment.’
Designed by architects Hurd Rolland, Brodies will occupy the top three floors which will also feature roof terraces and will relocate staff from two locations. Pinsent Masons is leasing 25,300 sq ft space across two floors.
Further information on the remaining space at Capital Square is available from joint office agents, CBRE and Savills. www.capitalsquare-edinburgh.com
Further information
- BAM Properties, Sharon McEwan, sharonm@prbyloop.com;
- Hermes Investment Management, Clare Hartshorne / Eleanor Parry, hermes@redwoodconsulting.co.uk
About BAM Properties
BAM Properties is known for commercial developments that create value for investors. Our high quality, sustainable developments also bring benefits to the businesses and people who work in them.
BAM Properties is the property development arm of BAM Construct UK a construction and property services company that undertakes design, construction, facilities management and public private partnerships. BAM is currently developing circa 300,000 sq ft of Grade A offices at Atlantic Square in Glasgow in partnership with Taylor Clark Developments Limited, part of which forms the HMRC Hub for the West of Scotland. Previous significant developments in Scotland include the successful speculatively built development, CONNECT110NS in Queen Street, Glasgow and Nike’s flagship store on Buchanan Street, Glasgow.
BAM Properties has developed more than three million sq ft of commercial and retail space over the past 25 years.
We are part of Royal BAM Group a European construction and property services enterprise that is listed on Euronext Amsterdam. Further information: www.bam.co.uk
About Hermes Investment Management
Hermes Investment Management, a Federated Investors company, provides world-class active investment management and stewardship services. Hermes, headquartered in London, manages £36 billion in assets and offers a broad range of specialist, high-conviction investment strategies spanning listed equities, credit, real estate, infrastructure, private debt and private equity. Hermes’ strategies focus not just on financial results, but also on delivering outcomes beyond performance: holistic returns that consider impacts to society, the environment and the wider world. In Hermes EOS, the company offers one of the industry’s leading engagement resources, representing £501 billion of assets*. For more information, visit www.hermes-investment.com.
Please note the total AUM figure includes £6.6bn of assets managed or under an advisory agreement by Hermes GPE LLP (“HGPE”), a joint venture between Hermes Fund Managers Limited ("HFM"), HGPE Capital Limited and GPE Partner Limited. HGPE is an independent entity and not part of the Hermes group. £23.6m of total group AUM figure represents HFM mandates under advice.
*Source: Hermes as at 30 June 2019.