Attorneys safe new house in £35mil Lucent constructing

MULTINATIONAL regulation agency, Pinsent Masons, is getting ready for additional development with a transfer to a landmark Glasgow metropolis centre workplace.

The corporate has opted for the Lucent Constructing, turning into the primary tenants of the £35m workplace house, which is being developed by Orion Capital Managers, a European actual property personal fairness agency.

A 15-year lease has been agreed which can see Pinsent Masons’ 300-strong Glasgow operation transfer to the ESG Grade A improvement at 50 Bothwell Road in 2024.

Pinsent Masons believes that this transfer represents their dedication to Scotland’s international enterprise group.

In 2022, the enterprise moved their Edinburgh department into the brand new 25,000 sq ft workplace within the Capital Sq. improvement.

At Lucent, Pinsent Masons will occupy a part of the 4th ground and the complete fifth and sixth flooring, totalling 27,561 sq ft.

The fifth ground options intensive personal exterior terraces, whereas the sixth ground provides a newly created rooftop reception and assembly house for purchasers, a spacious south-facing social house with a gathering terrace for employees and additional personal terraces. 

The Lucent constructing was chosen by Pinsent Masons attributable to its robust Environmental, Social and Governance (ESG) qualities and its adaptability to post-Covid work environments.

The constructing has been vacant since 2017 and was bought by Orion in 2021 who redeveloped the constructing to reinforce its capabilities to facilitate smart-enabled workplaces in Glasgow.

Situated on the nook of Bothwell Road and Wellington Road, the redevelopment has virtually 80% much less embodied carbon than a brand new construct workplace improvement and has built-in good expertise for occupier consolation and engagement.

Lucent’s reimagined design, executed by Mosaic Architects, preserves the unique sandstone façade.

Lucent additionally homes a spread of leisure amenities, together with a stretch and health studio and a contemplation suite in addition to devoted dressing rooms, 95 cycle storage areas, showers, lockers, a drying room and a motorcycle restore station.

In keeping with information from Savills, as of Q1 2023, the full Grade A workplace provide in Glasgow was about 425,000 sq ft of which solely approx 82,000 sq ft is in a main location.

Orion Capital Managers is at the moment engaged on quite a lot of redevelopment initiatives of workplaces internationally together with Panorama St Paul’s in London, Park West in Milan and Oriente Inexperienced Campus in Lisbon.

Pinsent Masons Associate and Head of Glasgow, Barry McCaig, mentioned: “Lucent is a daring selection for Pinsent Masons.

“The impressed transformation of this gorgeous constructing on Bothwell Road instances completely with our present lease expiry, which meant we had been in a position to act quick to safe the highest two and a half flooring of prime actual property in Glasgow’s enterprise district.

“Not solely does Lucent have nice kerb enchantment, however the constructing delivers towards our environmental targets and can present distinctive facilities that may assist us appeal to and retain the very best individuals and lay the foundations for the subsequent technology of authorized {and professional} companies expertise.

“Put up-Covid, all of us recognise that weekly working patterns have modified and employees have a wish-list and necessities of the workplace setting.

“Our imaginative and prescient for Lucent will exceed expectations and guarantee Pinsent Masons stays a horny proposition for present and future workers, wherever they’re on the profession path.”

Richard Low, Orion, Asset Administration Director mentioned: “We’re delighted to welcome Pinsent Masons as our first occupier at Lucent.

“After we purchased this constructing, we needed to create a working setting which might encourage individuals to come back into the workplace and make use of the facilities on web site.

“We consider we’ll obtain that with Lucent and have created an setting that caters for firms of the long run in addition to contributing to the broader regeneration of Glasgow metropolis centre.”

Angela Higgins of Resonance Capital, who’re offering improvement administration and advertising and marketing companies, mentioned: “We’re happy to announce this primary letting to Pinsent Masons, the place Orion has created Lucent round individuals, their wellbeing wants and the altering wants of the office that will even embrace the wants of communities in Glasgow.

“Entry to exterior house, the pure power of a light-weight crammed atrium and delightful terraces are main design options of the constructing whereas a zero carbon roadmap attracts on the themes that appeal to companies and pull communities collectively to revitalise this key space of Glasgow‘s enterprise core.”

The leasing deal was facilitated by Ryden and Knight Frank appearing on behalf of Orion, and CBRE representing Pinsent Masons.