Catella APAM (“APAM”), the specialist UK real estate asset and investment manager has renewed two leases to Scottish Ministers at Optima, in the heart of Glasgow’s International Financial Services’ District. The two organisations, Education Scotland and the Scottish Qualifications Authority, appointed property advisors, Avison Young last year.
“Following a search of the market, the outcome was a positive decision to stay, due to the pragmatic approach of APAM combined with the prevailing market conditions that have reduced the supply of good quality office space like Optima,” says local MD of Avison Young, Alison Taylor.
The offices leased by Scottish Ministers at Optima totals 82,461 sq. ft. and provides modern open plan accommodation. The leases have been extended for a 10-year term, incorporating tenant break options in 2027 and 2029.
Alex Hardwick, Senior Asset Manager at APAM, said: “This lease renewal is a brilliant endorsement of the Optima building and to conclude the deal at this challenging time is a positive statement from Scottish Ministers and a reflection of the proactive asset management APAM undertake to work closely with its key occupiers.”