finance

BNP Paribas agrees to move Glasgow operation to 177 Bothwell street



Banking giant BNP Paribas has agreed to move its Glasgow operations to HFD Group ’s 177 Bothwell Street office for an undisclosed amount.

The international French Bank will move more than 200 staff currently based across the city into the 20,624 sq.ft first floor office building.

The letting is said to have set the new headline rent for the city.

However, occupiers will benefit from lower operating costs, due to energy efficiency and a comparably lower service charge achieved through the building’s economies of scale.

The office now has three floors available for rent. Virgin Money has pre-let 50% of the building for its new headquarters, while HFD Group’s serviced offices business will operate another two floors.

In November 2020, HFD announced that 177 Bothwell Street would produce zero carbon emissions as it would be powered by renewable energy.

The building will also feature a rooftop terrace, running track, 318 cycle spaces, electric vehicle charging points and touchless technology throughout the building.

An independent economic impact assessment claimed that the 313,000 sq. ft. development will generate £2.8 billion of gross value added (GVA) to the Scottish economy during the next 25 years.

Stephen Lewis, managing director of HFD Property Group, said: “We have worked hard to ensure that occupiers are at the heart of what the building is about, through a wide variety of initiatives – whether it is minimising 177 Bothwell Street’s carbon footprint or maximising natural day light for the people working there.

“It is fitting that the build will complete just in time for COP26 arriving in Glasgow, with our occupiers able to demonstrate their comment to minimise their impact on the environment by selecting net-zero carbon office space.”

Gary Cameron, Head of Scotland at BNP Paribas Real Estate, said: “A top priority is making sure our staff have the best possible work environment to serve our clients. 177 Bothwell Street is the perfect place to help us to help realise those ambitions.

“The move re-affirms the group’s commitment to Glasgow and this best-in-class asset is aligned with our plans for the next chapter of BNP Paribas in Scotland.”

Knight Frank and CBRE, 177 Bothwell Street’s joint agents, represented HFD Property Group with BNP Paribas Real Estate representing BNP Paribas. The building is set to complete in the fourth quarter of 2021.

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