Bank to relocate 200 Glasgow staff after deal agreed at city's largest single office building

Banking giant BNP Paribas is to relocate some 200 Glasgow staff after agreeing a deal for space in the city’s largest single office building.

The French owned financial group is to move its Glasgow operations to HFD Group’s 177 Bothwell Street development – which is due to complete during 2021 and features a running track on its roof.

It will move more than 200 staff currently based across the city into the 20,624-square-foot first floor of the building.

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While the letting sets a new headline rent for the city, occupiers are being promised lower overall operational costs thanks to the building’s energy efficiency and a “comparably lower service charge achieved through the building’s economies of scale”.

The vast new office building at 177 Bothwell Street in Glasgow will feature a rooftop terrace and running track, as seen on the top of several US skyscrapers.
The vast new office building at 177 Bothwell Street in Glasgow will feature a rooftop terrace and running track, as seen on the top of several US skyscrapers.

The addition of BNP Paribas means there are now just three full floors available at 177 Bothwell Street, which stretches to 313,000 sq ft. Virgin Money has pre-let 50 per cent of the building for its new headquarters, while HFD Group’s serviced offices business will operate from another two floors.

Stephen Lewis, managing director of HFD Property Group, said: “Securing another tenant of BNP Paribas’s quality is further demonstration of how 177 Bothwell Street has been designed to exceed occupier requirements.

“We have worked hard to ensure that occupiers are at the heart of what the building is about, through a wide variety of initiatives – whether it is minimising 177 Bothwell Street’s carbon footprint or maximising natural day light for the people working there.

“It is fitting that the build will complete just in time for COP26 arriving in Glasgow.”

Gary Cameron, head of Scotland at BNP Paribas Real Estate, said: “As we exit the pandemic and return to the office, we must embrace new ways of working.

“A top priority is making sure our staff have the best possible work environment to serve our clients. 177 Bothwell Street is the perfect place to help us to help realise those ambitions.

“The move re-affirms the group’s commitment to Glasgow and this best-in-class asset is aligned with our plans for the next chapter of BNP Paribas in Scotland.”

Knight Frank and CBRE, 177 Bothwell Street’s joint agents, represented HFD Property Group with BNP Paribas Real Estate representing BNP Paribas.

The Bothwell Street development is set to complete before the end of the year.

In November it emerged that the city’s largest single office building would be going all-electric to minimise its environmental impact.

It will be powered by 100 per cent renewable energy, with its electrification representing a 14 per cent reduction in annual energy use.

The move to fully electric has significantly reduced the estimated consumption, from 18.1 to 15.6 kWh per square metre, per year.

Facilities for “climate-friendly commuting” have also been included in the building, with provision for cyclists and 48 car parking spaces, with the capacity for all of them to become electric vehicle charging points.

The building’s vast facade and glazing is designed to maximise natural daylight while maintaining a high thermal performance.

An independent economic impact assessment concluded that the development will generate £2.8 billion of gross value added (GVA) to the Scottish economy over 25 years.

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