Standard Life is in negotiations to buy the remaining phases of CALA-Morrisons Exchange Plaza in Edinburgh for a 10,590 sq m (114,000 sq ft) headquarters scheme.
Neither side would comment on the terms of the deal but CALA-Morrison will build the new building, which will stand opposite Standard Lifes existing headquarters on Lothian Road.
Local agents believe that the deal is based on rents of around £23 per sq ft – the highest achieved at Exchange Plazas first phase – and a 6.5% yield.Standard Lifes general manager of corporate services, Marcia Campell, said: “We are experiencing tremendous growth in all areas of our business – pensions, life assurance and our new bank”.
Standard Life has also taken 5,295 sq m (57,000 sq ft) of short-term overflow space from Pace at 20 Brandon Street in Edinburgh next to its Tanfield administration building. Pace was advised by Ryden and Jones Lang Wootton is acting for Standard Life.
EGi News 13/02/98
