Rockspring Property Investment Managers LLP (“Rockspring”), on behalf of its UK Value 2 LP (“UK Value 2” or the “Fund”), has let 21,530 sq ft at 1 Tanfield, Edinburgh to Dutch technology company STMicroelectronics. Ryden and Eric Young and Co advised Rockspring in the deal.
STMicroelectronics, which provides semiconductor solutions, has signed a five year lease at a rent of £19.50 per sq ft, with an option to extend for a further five years.
The letting follows the recent announcement that the US medical firm Dexcom has taken 9,105 sq ft at 1 Tanfield for its European headquarters.
1 Tanfield comprises 190,846 sq ft of grade A office space over three floors, as well as an underground car park with 297 spaces. The asset is now 96% let to 12 tenants including Avaloq, Zonal, FNZ, Craneware and Dell Secureworks. Only one vacant suite of 7,646 sq ft now remains in the building.
Rockspring carried out the deal on behalf of UK Value 2, the second fund in Rockspring’s UK-only closed-ended real estate strategy with a core plus risk profile. The fund, which held a final close in February 2015, secured a total of £342m of equity from 11 investors and will have a duration of seven years.
JLL advised STMicroeletronics.