JLL has launched a major office requirement in central Glasgow for an undisclosed client.
The requirement is for between 100,000 square feet and 120,000 square feet in Glasgow city centre with Grade A specification and a move-in date of 2028. The building needs to be EPC A and BREEAM Excellent or Outstanding at a minimum.
JLL declined to comment on which occupier is making the search but market sources suggest it is National Rail.
National Rail is the passenger train operating companies of England, Scotland and Wales and has offices across the UK with its head office in Waterloo, London. Its ScotRail business is based in around 33,000 square feet at Atrium Court, 50 Waterloo Street, Glasgow. Universities Superannuation Scheme recently appointed JLL to sell the 104,000-square-foot multilet office on one of Glasgow's key business streets, seeking £13 million or a 10.8% net initial yield.
Grant Lonsdale, senior director of market analytics at CoStar, said a requirement of that size is likely to have to be satisfied through preletting.
"Options that fit the brief in terms of energy efficiency and timing include Clearbell’s 150 St Vincent Street, which is to be refurbished and doubled in size to around 150,000 square feet, and CEG’s 270,000-square-foot development at 33 Cadogan Street, known as The Grid.
"PGIM’s 141 Bothwell Street, the long-term of home JP Morgan, PwC and Pinsent Masons, could be an option once these tenants, which have taken space elsewhere, vacate. As could Osborne and Co and Santander’s proposed retrofit of 301 St Vincent Street that will see the bank downsize. Neither of these buildings are being formally marketed.
"There are a few other properties in Glasgow’s city core, which could accommodate a requirement of that size, but would need investment to bring them up to the required standard."