US technology manufacturing firm Analog Devices, in Edinburgh's largest deal by space in 2023, acquired 28,086 square feet at 2 Freer Street, which also marked one of Scotland's largest occupational deals in the second quarter of 2023. This was enough to win it a CoStar Impact Award.
The deal also came at a time when there was a critical shortage of Grade A office spaces in Edinburgh. In the Fountainbridge district of the Scottish capital, the property is owned by Vastint Hospitality, which has signed this lease to run until December 2031.
About the Project: The property forms the first phase of this Fountainbridge mixed-use development that sits on the site of the former McEwan's Fountain Brewery and North British Rubber Company. It is a BREEAM Excellent and EPC A-rated office building joined to a 262-room Moxy hotel.
What the Judges Said: "This letting ... highlighted that whilst take-up has fallen, demand is still strong from occupiers seeking best-in-class space. Edinburgh is one of the tightest markets in terms of Grade A supply, and so this letting shows there is still healthy demand from occupiers wanting the most sustainable space in order to attract staff back to the office", said Michael Facenna, director, agency and transactions, Glasgow, Avison Young.
They Made It Happen: Stewart McMillan, Partner, Cushman & Wakefield, and Ben Reed, head of United Kingdom tenant representation, JLL.