Press Release
31 May 2007
McGrigors on the move to 141 Bothwell Street
UK law firm McGrigors LLP and The Premier Property Group (“PPG”) have announced that McGrigors is to occupy the top two floors of 141 Bothwell Street, Glasgow, a new eight-storey Grade A office in the heart of the city’s business district.
McGrigors will relocate its Glasgow team from its existing premises at Pacific House on Wellington Street following completion of 141 in December 2008 with an entry expected in May 2009. Construction is underway and the completed building will offer a total of 176,000 sq ft of Grade A air-conditioned space over eight floors.
McGrigors is the first tenant to sign up and will occupy floors seven and eight (36,500 sq ft) plus 13 car park spaces. Financial details have not been confirmed but the parties have indicated that the letting underpins Glasgow’s strong market, which has seen prime office rents exceed £25/sq ft.
McGrigors LLP is a leading law firm with offices in London, Edinburgh, Glasgow, Belfast, Aberdeen, Falkland Islands, and an associated office in Azerbaijan. With 76 partners and more than 350 lawyers across the UK and overseas, McGrigors is well placed to advise clients, including national and multinational organisations in the private and public sectors, on a wide variety of commercial issues. McGrigors had turnover in excess of £52m in 2005/2006, and is one of the UK's top 50 legal firms.
Kirk Murdoch, McGrigors senior partner (Scotland) said: “Working practices have changed substantially over the last few years and while Pacific House has served us well, we need modern efficient space over large floor plates to support our flexible and changing working practices. The additional space provided by 141 Bothwell Street will allow room for growth and an improved working environment for our people.”
PPG is the property arm of the Murray International Group, with offices in Edinburgh, Leeds and London and development projects throughout the UK. Major office schemes underway are in Edinburgh, Glasgow, Southampton, Redhill, London City and London West End. In addition, an extensive industrial/distribution development programme covers the north of England and the M25. End value of development underway is approximately £500 million. When added to its investment portfolio, PPG’s total assets under management currently exceed £1 billion.
PPG Director Andrew Glasgow said:
“This is our first letting at 141 and we are delighted to have secured such a strong tenant. We are offering a high quality building and we believe that this announcement will prove a catalyst for further lettings.”
Bill Colville, Scottish Chairman of letting agent DTZ said:
“McGrigors pre-commitment to 141 underlines the continued attraction of the city's historic central business district to leading professional practices. We are delighted to have such an endorsement for the building at such an early stage in the construction process. McGrigors’ pre-commitment also underlines a shortage of Grade A accommodation in the central business district, especially within buildings offering larger floor plates. I suspect that we will see further pre-commitments in the market over the next twelve months or so as large occupiers in both the professional and financial services sector seek to secure the best accommodation which the city has to offer.”For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com