Aberdeen Standard Investments has declared the regeneration of the south side of Edinburgh’s St Andrew Square a success after striking a deal for the remaining office space.
UK property investor and developer Ediston Real Estate and Places for People, a development and regeneration company, have both taken space at 1 St Andrew Square, in a deal for the Standard Life Pooled Property Pension Fund.
The firms have signed ten-year leases, with Ediston Real Estate occupying just over 4,450 square feet on the first floor, while Places for People has taken almost 4,000 sq ft on the second floor.
These deals follow lettings earlier this year on the third and fourth floors to global financial services company UBS and software development outfit KPV.
David Stewart, fund manager for Aberdeen Standard Investments, said: “These final lettings mark the end of our regeneration journey on the south side of St Andrew Square.
“The fantastic location, nearby transport hubs and our focus on design, wellbeing and sustainability, have generated demand from tenants and established the square as a new destination in Edinburgh.”
The office space at 1 St Andrew Square has been refurbished and features a full height internal atrium designed to maximise the use of natural light.
The building was acquired as an addition to the 165,000 sq ft mixed-use St Andrew Square development by the Standard Life Pooled Property Pension Fund and joint venture partner, Peveril Securities.
The entire development is now occupied by eight bars and restaurants, a major retail store, five businesses – including its largest occupier, Aberdeen Standard Investments’ own operations – as well as five residential apartments.
Andy McKinlay, chairman of Ediston, said: “The move to 1 St Andrew Square marks another important growth phase for our business.
“Securing larger premises helps integrate our new residential business into the real estate team and provides contemporary and efficient offices befitting a modern real estate company. “The location, design features, and cool atrium space provides a collaborative working environment that will allow us to attract and retain talent as we continue to grow.”
Savills advised the Standard Life Pooled Property Pension Fund, while CuthbertWhite acted for Ediston Real Estate. Places for People represented itself.
Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen, the financial giant created last year from the merger of Standard Life and Aberdeen Asset Management.