Orchard Street renews leases on 40,000 sq ft at the Spectrum Building, Glasgow

Orchard Street Investment Management, the specialist commercial property investment manager, announces that it has agreed leases on over 40,000 sq ft in advance of extensive refurbishments at the Spectrum Building, Glasgow. The lettings were completed on behalf of a pension fund client of Orchard Street.

Scotcall, the debt recovery agency, have renewed their lease for the whole of the third floor (9,450 sq ft). Giles Insurance Brokers renewed on the seventh floor (9,255 sq ft). Both have agreed a 10 year lease at a rent of £19.50 per sq ft. International travel services company Hogg Robinson has regeared their existing lease of the sixth floor (9,300 sq ft), extending their commitment to the building until 2018. Existing tenants Mortgages and retail occupier Soccer First have also re-geared their current leases. A further floor is currently under offer.

Spectrum Building is located on 55 Blythswood Square in the heart of Glasgow, a short distance from the M8 motorway and Glasgow Central train station. An extensive refurbishment project of the building’s common areas is currently in progress. In addition, the office accommodation on the first, second and fourth floors are all being fully refurbished to Grade A standard. Following the recent lettings there remains 28,000 sq ft of newly refurbished vacant office space.

Mike Buchan, Director of Jones Lang LaSalle, said:

“The Spectrum building is one of Glasgow’s most well known properties offering companies high quality accommodation in a prime location, but at a competitive price.

“Already interest in the available floors has been encouraging, demonstrating that city centre office space is very much in demand”

Andrew Jenkins, Asset Manager at Orchard Street, commented:

“We are delighted to have renewed leases with the existing tenants at Spectrum. The refurbishment of the building will significantly improve the quality of the property for existing and prospective occupiers.” Jones Lang LaSalle is acting as sole letting agent.