Department for Work and Pensions signs 15 year Atlantic Quay 1 lease

The Department For Work and Pensions (DWP) has signed a 15-year lease on 85,000 sq. ft of office space at Atlantic Quay 1.

DWP will join a number of high profile organisations already based at Atlantic Quay Buildings 1, 2 and 3, including Lloyds Banking Group, the Scottish Courts and Tribunals Services and housebuilder Mactaggart & Mickel.

Moorfield Real Estate Fund III purchased Buildings 1, 2 and 3 Atlantic Quay in September 2015 and a comprehensive refurbishment programme to revitalise the scheme will complete in 2018. The scheme is just a short walk from Glasgow’s main shopping, leisure and entertainment districts and accessible to all major road, rail, air and bus links.

Commenting on the second major letting since the acquisition of Atlantic Quay Buildings 1,2 & 3, Mark Holmes, head of Asset Management at Moorfield, said: “We are delighted to have secured yet another Government backed, long-term lease for Atlantic Quay. This letting further endorses Atlantic Quay as location of choice for high quality, ‘Grade A’ office space that is currently lacking in Glasgow City Centre.

“Our design focused refurbishment, together with the full range of concierge services and events program that we implemented has ensured that the Atlantic Quay Buildings continue to be an excellent option for high quality tenants. Moorfield has been a strong supporter of investment in Scottish real estate, and this letting further supports our ongoing belief in the strength of the Scotland occupier market.”

Angela Higgins of Resonance Capital said: “We look forward to welcoming the Department for Work and Pensions to Atlantic Quay 1. The scheme is in the right position and right location for DWP and they will take occupancy on the ground, third, fourth and fifth floors. We have worked very closely with them to offer a unique office space that will meet their specific needs.

“Atlantic Quay Buildings offers its tenants a contemporary business community with amenities such as a prescription delivery service, art exhibitions that support local talent and social and fundraising events for our many charities.”