Morgan Stanley’s Glasgow office center is on the market

Morgan Stanley's Glasgow office center is on the market

Waterloo Street no. 122 in Glasgow has been put up for sale by its owner – a client of Knight Frank Investment Management – ​​in what could be one of the biggest deals on the city’s office market in 2024.

Knight Frank and Cushman & Wakefield have been jointly appointed to market the head office site, which is exclusively occupied by Morgan Stanley and comprises the largest European office outside of London with ‘mission critical’ status for its global operations and over 2,000 of employees working on the Site. The ground floor also houses a gym and fitness center operated by Nuffield Health.

The nine-storey property comprises 156,980 sq ft of Grade A office space and is among the city’s most sustainable properties, achieving an Energy Performance Certificate (EPC) A and BREEAM ‘Excellent’ certification.

Opened in 2018, 122 Waterloo Street was recognized as Scotland’s ‘Best Corporate Workplace’ in the 2020 British Council for Offices (BCO) Awards for features including ergonomic relaxation areas, collaboration and meditation spaces, a in-house restaurant and on-site wellness. facilities.

John Raehead of Knight Frank Glasgow, said: “122 Waterloo Street is a prime asset located in the heart of Glasgow’s international financial services district, backed by a very strong deal in Morgan Stanley – particularly given its ‘mission critical’ status .

“Glasgow has seen an increase in transaction activity in the early months of 2024, so we expect to see a good level of interest, with buyer and seller expectations converging as interest rates look set to remain higher for longer.”

Murray Strangemanaging partner for Scotland at Cushman & Wakefield, added: “In terms of building quality, tenant agreement and security of the resulting income, not to mention the strong rental return opportunity and future potential for value growth, this opportunity should be very attractive to a range of international investors and parties considering investment in a leading UK regional office market.”