Munich-based real estate investor AM Alpha has confirmed one of Glasgow's largest office lettings in recent years, to the Home Office.
CoStar News revealed last month that the landlord was closing in on a deal to lease the whole of 200 Broomielaw, a 80,000-square-foot office, to the Home Office after completing retrofit works.
Market sources said at the time that the building, acquired by AM Alpha in 2019, would host Passport Office employees, with the government keen to secure best value for taxpayers.
AM Alpha announced today that it has completed a long-term deal at the Glasgow workplace, which it says will be used "as a central hub for the Passport Office".
The transaction is a significant boost for the city's office market, with the last 50,000-square-foot-plus letting occurring around two years ago at Aurora, when energy firm SSE took circa 62,000 square feet.
AM Alpha said in a statement on its website: "The long-term lease of the entire building underlines the strength of the repositioned asset and the continued demand for well-located, high-quality office space in Glasgow."
According to the landlord, 200 Broomielaw is one of Scotland’s most energy-efficient commercial office buildings, having achieved an EPC A energy rating.
JLL and Adapt Commercial Property are joint leasing agents at 200 Broomielaw, while Cushman & Wakefield act for the Home Office in Scotland.