GLASGOW’S 122 Waterloo Street has been put up for sale and is tipped to be one of the biggest deals in the city’s office market during 2024.
More than 2,000 staff work in the the largest European office outside of London, which is solely occupied by Morgan Stanley.
The sale of the building, which has been anointed with ‘mission critical’ status for its global operations, is being handled by Knight Frank and Cushman & Wakefield.
John Rae, head of office at Knight Frank Glasgow, said: “122 Waterloo Street is a prime asset located at the heart of Glasgow’s International Financial Services District.
“We expect to see a good level of interest, with buyer and vendor expectations moving closer together as interest rates appear likely to stay higher for longer.”
The nine-storey property consists of 156,980 sq. ft. of office space and is among the city’s most sustainable properties.
It has achieved an Energy Performance Certificate (EPC) A rating and BREEAM ‘Excellent’ certification.
The ground floor also hosts a gym and fitness centre operated by Nuffield Health.
Murray Strang, managing partner for Scotland at Cushman & Wakefield, said: “In terms of building quality, tenant covenant and resultant income security, not to mention the strong opportunity for rental reversion and future potential for value uplift, this opportunity should be highly attractive for a range of international investors.”
