M&G Real Estate has let 2,680 sq ft of Grade A office space at its 70,000 sq ft The Capitol Theatre office scheme in central Aberdeen to Ryden. M&G Real Estate funded the comprehensive refurbishment and extension of the iconic venue by Knight Real Estate in 2016.
Ryden has signed a 10-year lease on the office space, which has been awarded a BREEAM Very Good rating, and joins fellow occupiers PwC and Orega.
John Duxbury, head of UK portfolio asset management at M&G Real Estate, said: “This award- winning redevelopment has allowed us to create much-needed Grade A, sustainability-led office space in Aberdeen. This continues our strategy of developing assets of scale in prime locations where we are able to enhance the built environment by delivering buildings with best-in-class ESG credentials.
“We are currently focused on this approach at some of our other major developments including 40 Leadenhall in the City of London and Haymarket in Edinburgh. These assets are attracting strong interest from leading occupiers such as Ryden, whose decisions are strongly influenced by sustainability and wellbeing issues, enabling us the potential to deliver compelling returns for our investors.”
Arron Finnie, regional managing partner in Aberdeen for Ryden, added: “We are absolutely delighted to be moving into the centre of Aberdeen where our staff can benefit from all the amenities available on Union Street and the surrounding area. The move also allows us to follow our aspirations to be a sustainable business and move towards net zero carbon usage.
“The Capitol is a highly energy efficient building and we will be seeking to benefit from the many sustainable features it offers as well as placing greater emphasis on encouraging staff to use public transport to travel to and from the workplace or to use EV charging facilities on site. We are very excited to be occupying the former Oscars Theatre Bar which offers a unique working environment for our staff and visitors and helps to reinforce the historic connection which Ryden has with Aberdeen.”
Paul Coulter, managing director at Eden PAM, said: “The Capitol is not only one of the best office buildings in the city, but also an integral part of the city’s heritage and a landmark on Union Street. Aberdeen is seeing a huge shift in working patterns as occupiers seek smaller spaces, but far more energy efficient buildings in the city centre.
“Low Grade A supply and high demand is leading to more long-term rejuvenation across Aberdeen to cater for the growing number of businesses re-embracing the benefits of city centre working.”
M&G Real Estate and asset management partners Eden PAM will now refurbish the remaining vacant space to increase amenities including the creation of a wellbeing staircase hosting a gallery of art celebrating the global artists who have played The Capitol, such as The Who and The Rolling Stones.
