Standard Life take over St Andrew Square offices

Standard Life has announced that it will let all the office space being created as part of the £75m redevelopment of St Andrew Square, two years before construction is completed.

By The Newsroom
Friday, 19th December 2014, 12:56 pm
The St Andrew Square redevelopment. Pic: Ian Georgeson
The St Andrew Square redevelopment. Pic: Ian Georgeson

The scale of the 108,000 square foot deal makes it the biggest pre-let of office space in Edinburgh for a decade, according to the firm.

Standard Life Investments will occupy the site on a 15 year lease estimated to cost £3,240,000 per year, with 1,000 staff expected to move in when building is complete in 2017.

Along with the office space, around 50% of the retail space is also pre-let.

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David Stewart, Fund Manager of the Standard Life Investments Pooled Pension Property Fund, said: “This considerable pre-let reflects the quality of the development and we’re really pleased to have secured a lease for the whole of the office space at such an early stage – before construction has even started.”

Ralph Jones, Managing Director of St Andrew project partners Peveril Securities added: “This is good news and a letting of this stature demonstrates the quality of the location and potential of the development.”