MCLAUGHLIN & Harvey has been appointed to start construction works for the 33 Cadogan Street office development in Glasgow, formerly known as The Grid.
Property investment and development company CEG revealed it has secured equity funding from existing investors, primarily sourced from Swedish State Pension Funds AP1 and AP4, managing two of the buffer funds in the Swedish public pension system.
With full planning permission in place for the circa 300,000 sq. ft office development, and the site already cleared for construction, the development is due to complete in summer 2025.
Paul Richardson, investment manager at CEG, said, “The start on site with this speculative development is testament to CEG’s confidence in the Glasgow market. The city is suffering from an acute lack of Grade A office supply and 33 Cadogan Street will help to remedy that.
“A best-in-class office development, targeting the highest sustainability credentials, it will respond to occupier’s demands for net zero carbon in operation office space, as well as providing fantastic amenities and a healthy and productive place to work.”
Glasgow-based architects Cooper Cromar has helped CEG enhance the sustainability credentials in the design of the project. JLL and CBRE have been appointed joint agents to market 33 Cadogan Street.
Andy Cunningham, senior director CBRE, said, “The flight to quality has diminished the availability of top-quality office space in Glasgow and Covid-19 only accelerated this trend. With no new build development being delivered until 33 Cadogan Street completes in Summer 2025, we anticipate pent up demand from occupiers.”
Alistair Reid, director at JLL, added, “33 Cadogan Street has been designed with sustainability and occupier amenity at its heart, to further support the return of occupiers to the office in a post-pandemic world. Targeting net zero carbon in operation, the building aims to align with occupiers’ corporate carbon reduction goals.”
