13 Mar 2018
22,000 sq ft deal will see firm establish its first offering in Scotland’s Central belt
Serviced office provider Orega is set to launch its first business centre in the central belt after closing a significant deal at Grade A Glasgow office development 9 George Square.
The firm has taken 21,929 sq ft spanning floors 1, 2 and 3 on a ten-year management agreement in a move that will see it open its second offering in Scotland.
Occupying a prominent position in the heart of Glasgow’s Central Business District, 9 George Square comprises ten levels of high specification open plan office space behind a classic period façade. With floor plates ranging in size from 3,596 sq ft to 7,375 sq ft, the building also offers secure underground parking, a striking entrance and reception area and shower facilities on each floor. Its unrivalled location benefits from extensive transport links and excellent proximity to a wide range of shops and restaurants.
Current occupiers include Skills Development Scotland on the ground floor and business travel management company Egencia on floor 6, with floors 4,5,7,8 and 9 still available. The 7th floor accommodation has a bespoke specification with exposed building services and contemporary finishes, developed to appeal to businesses in the creative and tech sectors.
Commenting on the deal, Leigh Perl from landlord EPIC said: “The letting of three entire floors in a single deal represents a significant transaction and is testament to the desirability of 9 George Square, which now has 50% of its floors fully let.
“Demand for serviced office space continues to grow in Scotland, with companies requiring greater flexibility as freelance and contract working rises. As well as removing contractual and financial barriers for smaller companies, it is seen as key to attracting the new generation of talent, which places value on the creativity associated with co-working environments. Providing high-quality accommodation in a prime location, Orega’s new offering is sure to attract a diverse host of innovative firms to 9 George Square, and we look forward to seeing the contribution they will make to Glasgow’s business community.”
Douglas Green, a director of the specialist flexible workspace agency GKRE, confirmed it was brought in by EPIC to advise on the management agreement and to negotiate the terms with Orega given its unique structure.
Robin Pugh, Real Estate director at Orega, added: “We are extremely excited to be partnering with EPIC to deliver a best in class business centre in 9 George Square. Greater flexibility is a key driver in our occupiers’ location decisions, therefore demand for shared workspace in Glasgow is increasing. We will provide high quality corporate grade workspace in a prime building in central Glasgow which will fill the current gap in the market.”
Opening its first Business Centre in 2001, Orega operates in the UK and Europe, offering fully-serviced office solutions in desirable city centre locations. In September 2016, CBRE announced that Orega had made its first venture into Scotland with the lease of 26,000 sq ft at the prominent Silver Fin development in Aberdeen, representing 20% of the total accommodation available at the building.
GKRE, CBRE and Ryden represented the landlord EPIC, while Orega was represented by JLL.