26 Sep 2018 | 09:22 am | 3 min. read
Law Firm Commits To Long Term Lease in Edinburgh Business District International law firm Pinsent Masons has reinforced its long-term commitment to Scotland with the signing of a lease for 25,000 sq ft of prime office space in Edinburgh’s prestigious Capital Square development.
The project being developed by BAM Properties, in partnership with Hermes Investment Management, the £35.3 billion manager, is under construction in the Exchange business district. It is scheduled to be completed in May 2020 with Pinsent Masons expected to take occupancy after a period of fitting out.
Pinsent Masons, which is ranked amongst the world’s top 75 law firms, has offices in Glasgow and Aberdeen and employs more than 500 lawyers and support staff in Scotland.
Its Edinburgh team has advised on some of Scotland’s largest corporate deals in recent years, including a £200m refinancing package on behalf of Faroe Petroleum, Renewable Infrastructure Group’s £100m acquisition of a windfarm project and multi-million pound transactions in the data and communications, life sciences and property sectors.
Partner and Head of Pinsent Masons’ Edinburgh office, Ewan Alexander, said: “Scotland is a critical market for us and we required premises that reflect our ongoing commitment to the capital and market-leading position. There has been a dearth of suitable Grade A office accommodation in Edinburgh, so we are delighted to have agreed a lease for premises at the heart of the city’s business district.
“As a major provider of legal services to Scottish industry and commerce, and with a widespread global network which supports those businesses trading internationally, it is important that our staff are located in a prime position, which is accessible to key decision makers and national and local government agencies.”
The design and fit-out process, which will be heavily influenced by the opinions of the Pinsent Masons team, will focus on promoting well-being in the workplace and will follow the firm-wide policy of encouraging an agile working environment.
Mr Alexander added: “We believe we are the first law firm in Scotland to implement a fully agile working environment, first in Glasgow and now in Edinburgh. That in itself demonstrates that we are flexible in matching changing 21st century working practices with the specific requirements of our client base.
“The emphasis nowadays is upon innovation and collaboration as much as legal expertise to deliver world-class legal services.
“Globally, we have adopted an agile working policy as this allows us to easily bring together teams of lawyers, legal technologists, project managers and systems specialists to provide a higher quality of service delivery.
“This is a significant capital investment which underlines our commitment to maintaining our market leading position as an international law firm, with a very strong focus on delivering tailored solutions to major Scottish businesses and global corporates doing business in Scotland.”
The firm’s 200-plus Edinburgh lawyers and support staff currently work between offices in Princes Exchange and nearby Edinburgh Quay. They will come together under the one roof following the signing of a lease on 25,256 sq ft of space on two floors of the eight-floor Capital Square scheme.
Dougie Peters, Managing Director, BAM Properties said: “We are delighted to welcome Pinsent Masons to Capital Square which represents our second major letting success in recent weeks. More than half of the building is now pre-let which demonstrates how attractive Capital Square is as a working environment and location for modern occupiers seeking to attract and retain the best talent.
“Quality Grade A accommodation is key for Edinburgh to remain attractive to occupiers and Capital Square is providing first class office space at a time of limited supply in the market.”
Some 54,000 sq ft remains available for let at Capital Square, which will include concierge level front of house service, 24 hour manned security, shower and locker facilities for cyclists and runners, and an extensive suite of additional tenant services.
Ian Cody, Director, Asset Management at Hermes Investment Management added: “This further letting is testament to the prime working environment at Capital Square and BAM’s ongoing positioning of the property with prime occupiers. We look forward to welcoming Pinsent Masons once the building is complete, where they will be able to capitalise on the high quality facilities available and the asset’s strategic city centre location. We would also like to take this opportunity to recognise our fellow landowner and partner, The City of Edinburgh Council who have been pivotal in unlocking this development.”
CBRE and Montagu Evans represented BAM Properties and Hermes Investment Management. CBRE acted on behalf of Pinsent Masons.
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