Trinova Secures Insurer Gallagher for Glasgow Offices Commitment

 

Global Insurer Extends 30,000-Square-Foot Lease at Spectrum

 

 

 

Trinova has completed a near 30,000-square-foot lease regear with global insurer Arthur J Gallagher over three floors at Spectrum in Glasgow until 2033.

Arthur J Gallagher is a long standing tenant of the building and had requested proposals to extend its existing lease. It was agreed that the seventh floor lease would be surrendered in exchange for a new lease on the second floor, enabling Gallagher to continue its occupation over contiguous floors on the second, third and fourth floors. The new leases reflect a headline rent of £26 per square foot.

Gallagher is one of the world’s largest insurance brokerage, risk management and consulting firms founded in 1927 by Arthur J Gallagher in Chicago. Trinova said the insurer’s choice was “further evidence of the attractive proposition afforded by occupation within the building”.

Spectrum has recently been refurbished with a remodelled reception accessed from Waterloo Street, a tenant business lounge, exposed ceilings, cycling and shower facilities.

Jenna Davies, asset manager for Trinova, said in a statement: “Gallagher’s continued occupation reflects the commitment the investor has shown repositioning the asset. Amenities, including a new business lounge, well utilised by Gallagher’s. In addition, we have recently delivered the fifth and sixth floors to the market. ESG a particular focus; upcycling the existing raised floor. The floors run from 100% renewal energy, achieving an EPC B rating, sustainability continuing to be at the forefront of our agenda at Spectrum.”

JLL and CBRE are leasing advisers.

BY PAUL NORMAN, COSTAR NEWS

 

https://product.costar.com/home/news/1658809720

 

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