Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has signed American insurance giant Arthur J Gallagher (AJG) at Glasgow’s Spectrum building, taking the 65,000 sq ft prime office building to its full capacity
AJG has taken the 9,440 sq. ft. fourth floor on a ten year lease at £18 per sq. ft. to extend their presence at the 55 Blythswood Street office. They already occupy the 9,100 sq ft seventh floor following their 2013 purchase of Giles Insurance. AJG has also opted to extend their lease on that space for a further ten years, with a five year break.
Andrew Jenkins, of Orchard Street, said:
“The Spectrum Building recently underwent an extensive refurbishment which has significantly raised its appeal and profile. For AJG to not only extend their existing lease but to take an additional floor underlines the outstanding credentials of the building.”
Last year Spectrum welcomed leading recruitment firm Hays, who moved into a 9,255 sq ft first floor office. Other tenants include Hogg Robinson Travel and Mortgages Plc.
The accommodation benefits from a striking entrance reception, floor to ceiling glazed walling, exceptional natural daylight and dedicated archive storage areas.
JLL and Ryden acted on behalf of Orchard Street Investment Management. Gerald Eve acted for AJG.
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.