JLL advises on new Hines UK Princes Street letting
JLL has advised Hines UK on its final letting at 124/125 Princes Street in Edinburgh.
The newly refurbished penthouse suite has been leased to Cenkos Securities plc, an independent institutional stockbroking firm.
The new 10-year lease agreement comes after JLL advised on the recent letting of the 5th floor suite to Recast, an Edinburgh-based sports video platform.
This latest deal means that the seven-story, 38,500 sq ft retail and office building, is now at full capacity, with tenants including Urban Outfitters, BDG Design Limited and The Chartered Institute of Housing.
The premises was acquired by Hines UK in 2015, on behalf of the Hines Pan-European Core Fund (HECF).
The deal, which was led by Brian Tweedie, JLL, and Hines Landlord James Campbell Adamson, is another clear sign that the Edinburgh leasing market is returning to pre-pandemic health.
The newly refurbished penthouse suite overlooks Edinburgh Castle, highlighting a continuation from occupiers in seeking high quality accommodation.
James Campbell Adamson, landlord for Hines, said: “After a strong end to 2021 with our Recast agreement, securing Cenkos at 124/125 Princes Street means that we have enjoyed a fantastic start to 2022.
“Their professional services and reputation complements our existing tenant line-up well and will be a great addition to the building.”
Brian Tweedie, JLL, added: “JLL are delighted to have secured Cenkos on behalf of Hines. This latest deal is another indicator that the office leasing market in Edinburgh is continuing to reinforce itself as a strong regional centre. 2021 saw the capital’s leasing market continue to perform well after a difficult period during the pandemic, and we’re happy to have been able to assist and secure another fully occupied building on behalf of our client.”
Cenkos were advised by Galbraith Group throughout their acquisition process.
Pamela Gray, partner, Galbraith Group, commented: “We are delighted to have acted on behalf of Cenkos in sourcing and negotiating the letting of the top floor penthouse suite at 125 Princes Street. This is a fantastic office within a prominent building and fits well with the ethos and direction of my client’s growing business and commitment to Scotland.”