MULTINATIONAL law firm, Pinsent Masons, is preparing for further growth with a move to a landmark Glasgow city centre office.
The company has opted for the Lucent Building, becoming the first tenants of the £35m office space, which is being developed by Orion Capital Managers, a European real estate private equity firm.
A 15-year lease has been agreed which will see Pinsent Masons’ 300-strong Glasgow operation move to the ESG Grade A development at 50 Bothwell Street in 2024.
Pinsent Masons believes that this move represents their commitment to Scotland’s global business community.
In 2022, the business moved their Edinburgh branch into the new 25,000 sq ft office in the Capital Square development.
At Lucent, Pinsent Masons will occupy part of the 4th floor and the entire fifth and sixth floors, totalling 27,561 sq ft.
The fifth floor features extensive private external terraces, while the sixth floor offers a newly created rooftop reception and meeting space for clients, a spacious south-facing social space with a meeting terrace for staff and further private terraces.
The Lucent building was selected by Pinsent Masons due to its strong Environmental, Social and Governance (ESG) qualities and its adaptability to post-Covid work environments.
The building has been vacant since 2017 and was purchased by Orion in 2021 who redeveloped the building to enhance its capabilities to facilitate smart-enabled offices in Glasgow.
Located on the corner of Bothwell Street and Wellington Street, the redevelopment has almost 80% less embodied carbon than a new build office development and has integrated smart technology for occupier comfort and engagement.
Lucent’s reimagined design, executed by Mosaic Architects, preserves the original sandstone façade.
Lucent also houses a range of leisure facilities, including a stretch and fitness studio and a contemplation suite as well as dedicated dressing rooms, 95 cycle storage spaces, showers, lockers, a drying room and a bike repair station.
According to data from Savills, as of Q1 2023, the total Grade A office supply in Glasgow was about 425,000 sq ft of which only approx 82,000 sq ft is in a prime location.
Orion Capital Managers is currently working on a number of redevelopment projects of offices internationally including Panorama St Paul’s in London, Park West in Milan and Oriente Green Campus in Lisbon.
Pinsent Masons Partner and Head of Glasgow, Barry McCaig, said: “Lucent is a bold choice for Pinsent Masons.
“The inspired transformation of this stunning building on Bothwell Street times perfectly with our current lease expiry, which meant we were able to act fast to secure the top two and a half floors of prime real estate in Glasgow’s business district.
“Not only does Lucent have great kerb appeal, but the building delivers against our environmental objectives and will provide exceptional amenities that will help us attract and retain the best people and lay the foundations for the next generation of legal and professional services talent.
“Post-Covid, we all recognise that weekly working patterns have changed and staff have a wish-list and requirements of the office environment.
“Our vision for Lucent will exceed expectations and ensure Pinsent Masons remains an attractive proposition for current and future employees, wherever they are on the career path.”
Richard Low, Orion, Asset Management Director said: “We are delighted to welcome Pinsent Masons as our first occupier at Lucent.
“When we bought this building, we wanted to create a working environment which would encourage people to come into the office and make use of the amenities on site.
“We believe we will achieve that with Lucent and have created an environment that caters for companies of the future as well as contributing to the wider regeneration of Glasgow city centre.”
Angela Higgins of Resonance Capital, who are providing development management and marketing services, said: “We are pleased to announce this first letting to Pinsent Masons, where Orion has created Lucent around people, their wellbeing needs and the changing needs of the workplace that will also embrace the needs of communities in Glasgow.
“Access to external space, the natural energy of a light filled atrium and beautiful terraces are major design features of the building while a zero carbon roadmap draws on the themes that attract businesses and pull communities together to revitalise this key area of Glasgow‘s business core.”
The leasing deal was facilitated by Ryden and Knight Frank acting on behalf of Orion, and CBRE representing Pinsent Masons.