Cushman & Wakefield to market Exchange Place
18 Oct, 2007, Edinburgh
Cushman & Wakefield has been appointed as joint agent with Jones Lang LaSalle on the new £100m Exchange Place in Edinburgh, the largest speculative office development in the capital currently under construction.
The commercial development by Scottish Widows Investment Partnership (SWIP) will extend to 18,580 sq m (200,000 sq ft) and is one of the final components of the Exchange District and interest from tenants is expected to be high.
Angela Lowe, Associate at Cushman & Wakefield said: “The decision by SWIP to develop three large office buildings at the same time will result in a new, prime office address being created in the city. The supply of offices is reducing and vacancy rates have fallen significantly this year. This, along with the fact that no city centre developments will be completed in 2008, will put an upward pressure on rents. Therefore the decision to build Exchange Place is extremely well-timed.”
Chris Cuthbert, Partner – Head of Office Agency & Development, said: “We are delighted to be involved in the Exchange Place scheme, alongside Cameron Stott at Jones Lang LaSalle. Our two firms are highly complementary to each other and we very much look forward to marketing jointly this hugely prestigious development on behalf of Scottish Widows.
“Despite the fact that Exchange Place is going to appeal to a very broad range of indigenous firms, both agencies can also tap into the wider ‘global’ market with this product. Other than having significant experience acting for developers across Europe and beyond, our firms easily top the polls when it comes to corporate occupier representation worldwide.”
Exchange Place, will feature three office buildings around a new public piazza with new public routes created from Fountainbridge and Semple Street. It will retain the Grade B listed entrance arches to the former Meat Market.
The buildings will be numbered from 1 to 3, and will provide Grade A offices extending to 10,459 sq m, 5,496 sq m and 2,597 sq m. 1 and 2 Exchange Place will have Very Good BREEAM (Building Research Establishment Environmental Assessment Method) ratings. Number 3 will have an Excellent rating and, in a response to increasing tenant awareness of environmental issues, has been designed to incorporate a natural ventilation system as opposed to air-conditioning.
Although the scheme is not due for completion until Summer 2009 and the marketing campaign has yet to go live, there has already been a number of enquiries from potential tenants.
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