9 George Square, Glasgow G2
GKRE advises EPIC on deal with Orega for three floors at 9 George Square, Glasgow
Flexible workspace specialist GKRE has advised EPIC on a management agreement with serviced office provider Orega.
Orega has taken 21,929 sq ft spanning floors 1, 2 and 3 at 9 George Square, Glasgow on a 10-year agreement in a move that will see it open its second offering in Scotland.
GKRE was brought in by EPIC to advise on the management agreement and negotiate terms with Orega given its unique and complex structure.
Commenting on GKRE’s involvement, Leigh Perl from landlord EPIC, said: “GKRE are our go-to agency for all things related to serviced offices. Their expert advice and thoughtful approach was invaluable in dealing with the complexities of the management agreement.”
Leigh said of the deal: ““The letting of three entire floors in a single deal represents a significant transaction and is testament to the desirability of 9 George Square, which now has 50% of its floors fully let.
“Demand for serviced office space continues to grow in Scotland, with companies requiring greater flexibility as freelance and contract working rises. As well as removing contractual and financial barriers for smaller companies, it is seen as key to attracting the new generation of talent, which places value on the creativity associated with co-working environments. Providing high-quality accommodating in a prime location, Orega’s new offering is sure to attract a diverse host of innovative firms to 9 George Square, and we look forward to seeing the contribution they will make to Glasgow’s business community.”
Robin Pugh, Real Estate Director at Orega, added: “We are extremely excited to be partnering with EPIC to deliver a best in class business centre in 9 George Square. Greater flexibility is a key driver in our occupiers’ location decisions, therefore demand for shared workspace in Glasgow is increasing. We will provide high quality corporate grade workspace in a prime building in central Glasgow which will fill the current gap in the market.”
Douglas Green, a director of GKRE, said: “It was a privilege to work with Leigh and the EPIC team on this transaction. We were pleased to be able to add our experience to the high calibre team of agents on this project.”
9 George Square occupies a prominent position in the heart of Glasgow’s Central Business District and comprises ten levels of high specification open plan office space behind a classic period façade. With floor plates ranging in size from 3,596 sq ft to 7,375 sq ft, the building also offers secure underground parking, a striking entrance and reception area and shower facilities on each floor. Its unrivalled location benefits from extensive transport links and excellent proximity to a wide range of shops and restaurants.
GKRE, CBRE and Ryden represented the landlord EPIC UK, while Orega was represented by JLL.