Baillie Gifford expands with move into Cube

Baillie Gifford, the fund manager, is to expand its Edinburgh operation in one of the city's biggest office lettings in recent months.

The firm has signed a deal for 25,000 square feet in the new Cube development on Leith Street, where it will join existing tenant Glenmorangie, the whisky company.

The move marks a considerable expansion for Baillie Gifford, whose headquarters are housed in the neighbouring Calton Square complex.

It will occupy space spread over the second and third floors of the Cube, which was designed by Allan Murray Architects, constructed by Sir Robert McAlpine and is owned by German property company IVG.

The deal, announced yesterday, means the building is now 58 per cent let with the remaining space available spread over the ground, first and fourth floors.

Property experts said the letting was a boost for the Edinburgh property market which was hit hard by the industry downturn.

Cameron Stott, director at Jones Lang LaSalle, which along with Cushman Wakefield acted for IVG, said: "This deal is a reflection of the more positive sentiment in the Edinburgh office market. There are currently a number of high profile requirements for space in the city and this means we should see more deals like this coming to fruition over the next few months."

Fellow property firm Ryden acted for Baillie Gifford.