Commercial Property News

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Wednesday, June 13, 2023

Jones Lang LaSalle Leeds team adds value to city centre office building

Acting on behalf of Standard Life Investments, Jones Lang LaSalle has successfully completed a series of transactions at No.1 Trevelyan Square, a 50,000 sq ft office building located on Boar Lane in Leeds.

Existing tenant, the NHS Information Centre, has taken a new lease on over 21,000 sq ft of office space, at the same time acquiring an additional 8,400 sq ft on the fourth floor. Agreeing a new 10-year lease at a rental of 19.50 per sq ft, plus 2,500 per car parking space, the NHS Information Centre now occupies a total of 29,100 sq ft in the building. GVA Grimley represented the NHS Information Centre.

In addition, Jones Lang LaSalle has negotiated early lease surrenders with the Department for Work and Pensions, partly to accommodate NHS Information Centre and the remaining 22,000 sq ft will be refurbished and marketed in the immediate future.

Jones Lang LaSalle manages No.1 Trevelyan Square on behalf of Standard Life, and as well as acting for its client to conclude these latest transactions, the firm's Building Surveying team has also been appointed to project manage the refurbishment of both the vacant suites and the building's common parts. This 300,000 investment programme will ensure No.1 Trevelyan Square remains at the forefront of the Leeds office market.

Jeff Pearey, Head of Jones Lang LaSalle's Leeds office said: "These latest transactions have resulted in rental and capital uplift for Standard Life Investments, combined with the opportunity to set new benchmark rents once the refurbishment is complete.

"Our current role perfectly illustrates Jones Lang LaSalle's expertise to successfully deliver a complementary range of commercial property services, with our Investor Property Management, Building Surveying, Lease Advisory and National Office Agency teams working together to achieve the best results for our client."