(This article has been updated to include further participants in the deal.)
Scottish property developer HFD Group disposed of Glasgow’s largest single office, 177 Bothwell Street, to Spanish investment firm Pontegadea Inmobiliara in April 2022. Costing £80 million to build, HFD managed all elements of the construction program with the tenants in mind, delivering flexible, sustainable office accommodation to meet occupier requirements.
HFD itself is moving into the top floor of the building and has agreed to pay a rent per square foot that breaks the previous record in the city. Other tenants include AECOM, BNP Paribas, CBRE, Evelyn Partners, Transport Scotland and Virgin Money. Making the building more attractive is that 100% of energy use derives from local, renewable sources. It is fully electric and generates zero emissions.
The development is also the first Scottish property to commit to attaining the new SmartScore accreditation for smart buildings and has achieved a platinum WiredScore certification, a standard recognising in-class connectivity.
About the project: The 177 Bothwell Street, Glasgow, office has a focus on maximising wellness and amenities for staff, including a rooftop running track.
What the judges said: Alison Taylor, principal and managing director, Avison Young, said the developer’s approach “exemplifies innovation and entrepreneurship on a new level for Glasgow”, while Nick White, co-founder and director, CuthbertWhite, said the deal is “by far the most significant investment transaction of 2022”.
They made it happen: Stephen Lewis, managing director, HFD Group, Andy Cunningham, head of advisory and transaction services, CBRE, Scotland, Martyn Brown, senior director, CBRE, Scotland, were instrumental in getting the deal over the finish line.
