New Edinburgh HQ for Blackrock

INVESTMENT giant Blackrock is to build a new headquarters in Edinburgh by 2014 after its lease expires on its current offices.

The firm is keen to “press ahead to get the best deal it can while sentiment was weak”, office agency DTZ said.

Last year Blackrock announced it was to double the size of its workforce to 450 by the end of 2011.

The Blackrock proposal is one of a number of office moves likely to be made in Edinburgh in the coming months. Others looking for new offices in the city include oil explorer Cairn Energy, which is currently based in Clydesdale Plaza.

Wealth adviser Brewin Dolphin is planning to consolidate a number of its offices into one at Atria, the office building being developed next to the Edinburgh International Conference Centre, which is due to be completed in 2013.

Despite the pick-up in activity, DTZ predicted 2012 will remain subdued but a shortage of new office space will drive up the cost of rents in 2013.

Mark Jones, director of DTZ, said: “Occupiers will be looking for value for money and landlords need to provide economic, efficient and effective accommodation if they are to secure tenants.”