Commercial Property News

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Friday, June 02, 2023

Barclays takes new space in The Athenaeum, Glasgow

One of the UK's largest financial services companies Barclays has taken 4,571 sq.ft within The Athenaeum, 8 Nelson Mandela Place, Glasgow from landlords CAA Pension Fund.

The expansion is in addition to the Bank's existing space within the building which they acquired following the recent decision by the Bank to bring its mortgage processing operations in-house following the end of the companies' contract with Global Home Loans (GHL).

Barclays have taken a lease until 2014 over this new accommodation at a total annual rental of 67,423 per annum. The accommodation comprises of the First Floor (South suite) and now brings the Bank's total occupation within the entire First floor to 9,699 sqft.

This leaves 5,190 sqft available within the building on the Second Floor (North suite) where CAA Pension Fund are quoting 15.00 per sq.ft

Andy Cunningham, Director within the Office Agency Team at LSH Glasgow said: "The fact that this floor has let following completion of the recent refurbishment within the building speaks volumes about the quality of the works. It is also an excellent deal for Barclays as it means they can merge their operations within the building and now have total control over the First floor to assist their rapid plans for growth.

"The Athenaeum is located in a highly sought after location within the city centre midway between both Central and Queen Street Railway Stations and is an example of the high quality accommodation that is constantly in demand from occupiers."

Mike Buchan of Jones Lang LaSalle said: "We are pleased to have been able to acquire space for Barclays which met its approval in such a short time frame. It is top quality office space in the ideal location for the company."

Barclays was advised by the Glasgow office of Jones Lang LaSalle.