SMS Extends Office Lease at 48 St Vincent St in Glasgow Image

SMS Extends Office Lease at 48 St Vincent St in Glasgow

27 June 2024

SMS Extends Office Lease at 48 St Vincent St in Glasgow

27 June 2024

Image Courtesy of McAteer Photograph Ltd

Smart Metering Systems (SMS), a leading energy infrastructure company, has successfully renegotiated and extended its lease at 48 St Vincent Street, Glasgow advised by Ryden's Office Agency team.

The decision follows an extensive search for alternative office premises and detailed negotiations, culminating in SMS's commitment to remain in its current location, which encompasses over 18,000 sq ft on the 2nd and 3rd floors.

The strategic decision to regear the lease rather than relocate was made after considering the building's excellent central location, which is highly valued by the staff, and the improvement works proposed by the landlord Pontegadea.

Craig McGinn of Smart Metering Systems said:

 “Having looked at a number of alternative locations we decided that for business continuity remaining in situ was the best decision. We agreed with our landlord improvement works that would benefit our occupation and support our staff to create the best environment in a central location which they enjoy.”

Gillian Giles of Ryden, who represented Smart Metering Systems in this transaction, commented:

"After our comprehensive market assessment and meaningful discussions with the landlord, it became clear that SMS's best course of action was to continue their tenure at 48 St Vincent Street.

"We are proud to have assisted SMS through these pivotal negotiations, ensuring their needs are met through planned property improvements."

Savills acted for the landlord Pontegadea.

48 St Vincent Street is a mixed-use building featuring retail spaces on the ground floor and office accommodation on the upper levels. This dynamic property serves as a vibrant hub for business and commerce, located in the heart of Glasgow's bustling city center. The building's central location, coupled with the planned upgrades, makes it an ideal workspace for modern businesses.