Clearbell Capital has acquired 150 St Vincent Street in Glasgow from a fund managed by PineBridge Benson Elliot.
The property asset manager used a new fund called Clearbell Property Partners IV to purchase the office building for an undisclosed amount.
The building is currently fully let and comprises 69,000 sq ft across eight stories.
Clearbell plans to double the size of the existing building to 152,000 sq ft and is seeking planning permission to extend the floor plates and add four more stories.
The firm is also planning to refurbish the building to high sustainability credentials and to explore whether it can create a carbon-neutral office building.
Nick Berry, partner at Clearbell Capital said: “As we have seen since the end of lockdown, quality workspace in the right areas continues to attract tenants and to generate good rental income – Glasgow has long been a centre for business and is bouncing back from the impact of the pandemic.”
Clearbell was advised by Avison Young. PineBridge Benson Elliot was advised by JLL.
Separately, International law firm DAC Beachcroft has moved into new offices in Glasgow.
The new office at Sutherland House on St Vincent Street has been designed to provide staff with both work spaces and flexible meeting areas.
The Grade A office also provides a dedicated client suite, where the firm can host meetings and events.
Scottish head John Maillie said: “The space has been designed to support Flex Forward, our innovative approach to how, when and where we work.
“With the majority of our colleagues now working in a hybrid manner, this move to a new, modern, flexible space fulfils our desire to provide a great working environment for our colleagues and clients and support our new ways of working.”
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