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Wednesday, January 30, 2024

Microsoft first tenant for Edinburgh's Waverly Gate

Microsoft has been confirmed as the first tenant in Edinburgh's Waverley Gate. The global software company has signed a 15 year deal to lease a total of 12,100 square feet over the top and fourth floors of the landmark building.

The deal reflects a rent of 31 per square foot for the top floor (3,500 square feet) and 29.50 per square foot for the fourth floor (8,600 square feet).

The 100 million redevelopment of the former GPO building in Princes Street, which features 217,000 square feet of modern office space, has been specifically designed to be energy efficient and environmentally-friendly.

Waverley Gate is located directly adjacent to Waverley Station on many major bus routes and within a few minutes walk of St Andrew Square bus station.

Nigel Crump, spokesman for Castlemore, said: "Microsoft is an iconic global brand and this deal not only reflects the company's confidence in Waverley Gate, but also Edinburgh and Scotland and delivers a cutting edge occupier to a cutting edge building.

"Waverley Gate offers some of the finest Grade A office accommodation in the UK today and is situated in a location that has recently attracted, as well as Microsoft, a number of other significant organisations such as Citigroup, Baillie Gifford and Edinburgh Fund Managers, who have joined other established Edinburgh Institutions in recognising the east end of Edinburgh, with its premier public transport, car parking, shopping and hotel and restaurant facilities, as a first-choice business location.

He added: "Castlemore has a long and very successful history of developing prime Grade A office buildings in city centre locations. Waverley Gate is an energy efficient and environmentally-friendly building, offering substantial savings in running costs over comparable product."

Ben Reed, director with Jones Lang LaSalle Edinburgh, which acted for Microsoft, said: "Microsoft was impressed with the extremely high specification of the building from the outset. Occupying part of the top two floors, their partners, customers and staff will benefit from the building being highly accessible, located directly adjacent to Waverley Station. Once inside, they shall also have access to the splendid roof top gardens which are a unique feature of the upper floors. We are seeing a significant reduction in the supply of Grade A space in Edinburgh's city centre and this will no doubt assist in attracting other blue-chip organisations to the building."

Raymond O?Hare, director of Microsoft in Scotland, said: "This is an important move for Microsoft in Scotland. Waverley Gate provides exactly the type of high quality office environment that our customers, business partners and our people deserve. This superb facility will provide a great base from which we can continue to grow our Scottish business, and showcase the many ways in which Microsoft can positively impact the Scottish economy and community."

Waverley Gate generates up to 30 per cent lower carbon emissions, up to 50 per cent more fresh air and consumes up to 30 per cent less energy with its active chilled beam system.