Global insurance group has committed to a significant letting deal in Scotland’s biggest city
What Ardstone Capital secures 18,000 sq ft letting in Glasgow
Why Chubb has recommitted to the city at a new office building
What next Scotland’s largest city has seen two occupiers commit to 45,000 sq ft+ of lettings
Ardstone Capital has secured insurance giant Chubb for a major office deal in Glasgow as Scotland’s largest city is boosted by over 45,000 sq ft of recent lettings, React News can reveal.
Chubb has signed up to The Sentinel, which is owned by the Ardstone Regional Office Fund, for its new Glasgow headquarters. Chubb, the world’s largest publicly traded property and casualty insurer, is moving from AM Alpha’s 200 Broomielaw building.
Chubb, advised by CBRE, has signed up on a long lease for over 18,000 sq ft, according to market sources, a welcome commitment to the city from a high-profile occupier.
The regional office fund, which was set up in early-2013 to acquire grade-A regional office assets in the UK’s main regional cities, brings together CBRE Global Investment Partners and Ardstone Capital as investment and asset manager.
Ardstone has undertaken a comprehensive refurbishment at Sentinel, including upgrading the reception and common areas and recently wooed Sedgwick International UK for a 18,000 sq ft letting at the building, located in the heart of Glasgow’s business district. Knight Frank represented Ardstone Capital.
45,000 sq ft transacted in two deals
The letting to Chubb comes hot on the heels of another big letting deal. PRAXIS has completed the largest letting deal in the Scottish office market since lockdown with Wescot Credit Services taking 28,000 sq ft in its 310 St Vincent Street development.
Richard Harrison, asset manager at Praxis, said: “We are delighted to welcome Wescot Services to 310 St Vincent Street. Given the challenges city centre offices have faced it is a testament to the building and quality of refurbishment that Wescot committed to 310 St Vincent Street as their new home within three months of their first inspection. With part first floor offices now in solicitors’ hands and the building close to fully let we are delighted to continue to prove those writing off the office sector wrong.”
Sarah Hagen, office agency associate at Knight Frank Glasgow, said: “Glasgow’s office market is beginning to pick up again and as businesses consider their return to the workplace, they are looking for flexible, high-quality space at a competitive price point. 310 St Vincent Street is well placed to meet those needs and has a range of amenities on its doorstep, standing out among other city centre options.”
All parties declined to comment on the deal at The Sentinel.
Knight Frank represented Ardstone Capital, while CBRE advised Chubb at The Sentinel. At 310 St Vincent Street Knight Frank acted for Praxis and Ryden on behalf of Wescot Credit Services.