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Atlantic Quay 1 let to Department For Work and Pensions

19th January 2018

 Moorfield Group and Resonance Capital have signed the Department For Work and Pensions (DWP) for 85,000 sq ft of offices at Atlantic Quay 1, Glasgow.

The DWP has signed a 15-year lease in a letting that follows hot on the heels of the long lease of 80,000 sq ft to the Scottish Courts and Tribunals Service at Atlantic Quay 3.

DWP will join a number of high profile organisations already based at Atlantic Quay Buildings 1, 2 and 3, including housebuilder Mactaggart & Mickel and Lloyds Banking Group.

Commenting on the second major letting since the acquisition of Atlantic Quay Buildings 1,2 & 3, Mark Holmes, Head of Asset Management at Moorfield said: “We are delighted to have secured yet another Government backed, long-term lease for Atlantic Quay. This letting further endorses Atlantic Quay as location of choice for high quality, ‘Grade A’ office space that is currently lacking in Glasgow City Centre.

Our design focused refurbishment, together with the full range of concierge services and events program that we implemented has ensured that the Atlantic Quay Buildings continue to be an excellent option for high quality tenants. Moorfield has been a strong supporter of investment in Scottish real estate, and this letting further supports our ongoing belief in the strength of the Scotland occupier market.”

Angela Higgins of Resonance Capital said: “We look forward to welcoming the Department for Work and Pensions to Atlantic Quay 1. The scheme is in the right position and right location for DWP and they will take occupancy on the ground, third, fourth and fifth floors. We have worked very closely with them to offer a unique office space that will meet their specific needs.

Atlantic Quay Buildings offers its tenants a contemporary business community with amenities such as a prescription delivery service, art exhibitions that support local talent and social and fundraising events for our many charities.”

Moorfield Group, on behalf of the Moorfield Real Estate Fund III (MREF III), and Glasgow-based joint venture partner Resonance Capital purchased buildings 1, 2 and 3 at Atlantic Quay from M&G Real Estate for £60.7m, in 2015.

The duo launched a comprehensive multi-million pound refurbishment to a Grade A specification of building 3, which was constructed in 1991. The property is located within the Broomielaw area of city centre in the heart of Glasgow’s IFSD district.

Ryden is advising Moorfield and Resonance. JLL is advising the DWP.

Ken McInnes

Ken specialises in office agency, development and valuation. He provides a broad client base with advice on all aspects of property valuation and marketing in the offices sector and has responsibility for the Glasgow Office Agency department, controlling a team of professional and administrative staff.

Ken is involved in a number of major office and business park schemes from initial feasibility through to marketing, letting and selling.

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