Vacated Edinburgh office building set to become biggest on capital’s market

The 110,000 square feet office building at 525 Ferry Road, Edinburgh, which was formerly home to financial services giant State Street, is set to go on the market as the capital’s largest vacant office space.

Home to State Street for more than 15 years before the US-headquartered group said in April that it was moving its Edinburgh operations to the city’s Quartermile development, it will now soon me available to let, according to joint commercial property agents JLL and Cuthbert White.

The Grade A building is owned by a property fund managed by Cologne-based Corpus Sireo.

Cameron Stott, director of office agency for JLL in Scotland, said: “In a market where supply has been squeezed, 525 offers a rare opportunity for a company to secure a large open plan, fully serviced, office building.

“Given its size, and location, we also believe that it offers an attractive options for an inward investor seeking to expand into the city.”

Cuthbert White co-founder Nick White added: “With rents increasing in the city centre resulting in occupancy costs of over £45 per square foot, 525 will be able to offer occupiers accommodation with an overall occupancy cost, taking into account rent, rates and service charges, of around £30 per square foot.”

The property is coming to market at a time when supply in Edinburgh city centre remains tight with only a limited number of new developments in the pipeline.