Signal Capital has secured Scottish Daily Record and Sunday Mail as an occupier at 55 Douglas Street in Glasgow.
The news company, which is a subsidiary of publisher Reach, has taken the entire first floor of the property, totalling 14,298 sq ft of grade-A workspace. It has taken a 10-year lease at a rent of £29.50 per sq ft.
The company is relocating from its existing premises at 40 Anderston Quay in the city. CBRE, which advised the landlord, said the company’s move formed part of its UK-wide strategy to operate from a “higher-quality, more efficient workspace that better meets its needs”.
Scottish Daily Record and Sunday Mail is the first tenant to be secured at 55 Douglas Street following completion of a significant refurbishment project that included a major entrance extension.
In total, the building comprises 85,000 sq ft of flexible, virtually column-free office space over six floors. It was built to grade-A specification, including an EPC A rating.
Martin Speirs, associate director at CBRE Scotland, said: “While the office market is facing challenges, this letting is clear evidence that quality accommodation is highly sought-after by occupiers, and that the wellbeing of their staff is paramount when selecting new office space.
“The building’s fantastic ESG credentials and abundance of wellbeing facilities, coupled with its well-connected location, ensures that it offers some of the best office space in Glasgow city centre, enabling it to attract the best occupiers in the market.”
Gareth Richardson, director at Signal Capital, said: “Having such a large and well-known occupier lease the first floor is testament to the quality of 55 Douglas Street and its credentials as a modern, green and efficient office building that delivers on occupiers’ ever increasing demand for best-in-class amenities.”
David Dick, editor-in-chief of Scottish Daily Record and Sunday Mail, said: “This is the start of a new era for the teams at the Daily Record and Sunday Mail, who will be joined by the Scottish Daily Express, Glasgow Live and journalists from many of our other print and digital mastheads. We look forward to building a fantastic future for our news brands in our new city centre home.”
CBRE represented Signal Capital jointly with JLL in the deal, while Paradigm Property Consultants acted for Scottish Daily Record and Sunday Mail.
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