GLASGOW’S Spectrum building is at capacity after an American insurance giant agreed a long-term lease on the remaining office space.
Arthur J Gallagher (AJG) has taken the 9,440 sq ft fourth floor in a deal conducted by JLL and Ryden on behalf of Orchard Street Investment Management. Gerald Eve acted for AJG.
The company signed a ten-year lease at £18 per sq ft to extend their presence at the 55 Blythswood Street site.
They already occupy the 9,100 sq ft seventh floor following their 2013 purchase of Giles Insurance. AJG has also opted to extend their lease on that space.
Colin McGhee, JLL, said, “The Spectrum Building recently underwent an extensive refurbishment which has significantly raised its profile as an attractive city centre location. For AJG to not only extend their existing lease but to take an additional floor underlines the outstanding credentials of this office space.”
Sven Macaulay, Gerald Eve, added, “My clients had various options open to them in Glasgow and beyond but the combination of the quality of the accommodation, its location and the attractive terms on offer led them to make what was at the end of the day a relatively easy decision to expand their presence at Spectrum.”
Last year, Spectrum welcomed recruitment firm Hays, who moved into the 9,255 sq ft first floor. Other tenants include fidélité credit management and Mortgages PLC. The accommodation benefits from a striking entrance reception, floor to ceiling glazed walling, exceptional natural daylight and dedicated archive storage areas.