TH Real Estate, on behalf of Warburg-HIH Invest Real Estate GmbH, has agreed a new lease with Jacobs at 95 Bothwell Street, Glasgow.
The global engineering firm has taken 15,000 sq ft on the third floor and renewed its existing lease on the fourth, fifth and sixth floors.
Jacobs now occupies a total of 62,088 sq ft in the eight-storey building and has agreed a new 10-year lease on its four floors.
Retained agents on the building Ryden and JLL are marketing the remaining available space on the first, second and seventh floors. The office space, extending to a total of 43,000 sq ft, (3,995 sq m) will be refurbished prior to coming to the market early in 2018 and will be available at a quoting rent of £19.50 per sq ft.
“With the lease regear of our main tenant in the building, we took an important step towards a further increase in asset value for the benefit of the Fund and ultimately for our investors. The new 10 year tenure is also a strong statement that our program and efforts to achieve and maintain a high tenant satisfaction in our buildings pays off into an exceptional and over-average tenant retention. A clear win-win situation for everybody,” says Andreas Schütz, Senior Fund Manager of Warburg-HIH Invest.
Martin Payne, Fund Manager at TH Real Estate, said: “Faced with strong market competition, we’re delighted to have secured Jacobs long term commitment to 95 Bothwell Street. The prime location, large open plan floor plate and competitive total occupational cost reaffirm the overall marketability of 95 Bothwell Street to major occupiers."