New York-based BlackRock is poised to take space in one of Edinburgh’s landmark office blocks.
The investment manager, advised by CBRE, is in talks to take 80,000 sq ft at Scottish Widows Investment Partnership’s 120,300 sq ft Exchange Place 1 at Fountainbridge in the city centre.
BlackRock had shortlisted three other schemes for its requirement, including the council-developed Atria, which is the 200,000 sq ft extension to the Edinburgh International Convention Centre; Tiger Developments’ 337,000 sq ft Haymarket; and Exemplar’s 350,000 sq ft office element at Quartermile.
Rents in the building are circa £26-£27 per sq ft. Around 100,000 sq ft remains available at 1 Exchange Place. If the BlackRock deal goes ahead the building will have just 20,000 sq ft available.
BlackRock will move out of its premises at nearby 40 Torphichen Street, which has been put up for sale for £14m – a 9% yield – by vendor IVG through Jones Lang LaSalle.
BlackRock announced in March 2011 that it was looking to double the size of its workforce in the city by the end of the year.
CBRE is representing BlackRock; Cushman & Wakefield, Jones Lang LaSalle and Chris Cuthbert Property is acting for SWIP.
lisa.pilkington@estatesgazette.com
