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Monday, February 26, 2024

Edinburgh's Quartermile development secures first major commercial tenant

Quartermile, the joint venture development between Gladedale Capital and HBOS, has secured Edinburgh's largest city centre pre-let of speculative accommodation in five years.

Leading law firm Maclay Murray & Spens (MMS) has agreed to take 50,000 sq ft of No.1 Quartermile Square, almost half of the flagship grade A office building, as its new Edinburgh office.

The conclusion of a deal eight months in advance of the building's completion is a huge vote of confidence in Quartermile and establishes it as a prime commercial property location within the city centre.

Based on the site of the former Edinburgh Royal Infirmary, Quartermile is being developed as a joint venture between Gladedale Capital Ltd and HBOS. On completion, the £400 million regeneration project will offer more than 300,000 sq ft of Grade A office space, 900 luxury apartments, a boutique hotel and various leisure and retail facilities.

The sales rate of residential units has already been very strong with record values being achieved.

Jim McIntyre, Managing Director, Quartermile, said: "We are delighted to have Maclay Murray & Spens as our first commercial tenants and look forward to welcoming them to Quartermile. Securing this calibre and size of tenant before the development is completed underlines our belief that Quartermile offers everything 21st century companies need - striking office accommodation in a location that offers staff a high level of amenity within the city centre."

MMS is one of Scotland's largest commercial law firms with offices in Aberdeen, Edinburgh, Glasgow, London and Brussels. The company is set to take the top three floors of No.1 Quartermile Square, providing office space for up to 250 staff.

Designed by Foster and Partners, the architects behind internationally renowned projects like London's Swiss Re Tower, the Reichstag in Berlin and Hong Kong's new airport, No.1 Quartermile Square sets a new tone for offices in Scotland.

No.1 Quartermile Square is a striking seven storey office building featuring column-free open plan space and floorplates ranging from 9,677 sq. ft to 20,656 sq. ft. As well as an impressive reception and atrium, the ground floor will include two retail units of 12,508 sq ft and 2,153 sq ft.

Set back from the road, next to the Category 'A' listed former Surgical Hospital, No.1 Quartermile Square will front on to a new public space, providing an impressive gateway to the whole site. Its dual aspect will provide views of Quartermile itself and the Pentland Hills to the south, and of Edinburgh Castle and George Heriot's School to the north.

CB Richard Ellis and Montagu Evans acted for Gladedale in the deal and Jones Lang LaSalle acted for MMS.