Edinburgh-based law firm Shepherd and Wedderburn has concluded the city's biggest office letting in four years.
It has agreed terms to take 58,000 sq ft of office space at Standard Lifes' Exchange Crescent. Standard Life released the space onto the market last year, following the mutual's decision to downsize its Edinburgh presence.
The rent is undisclosed, but the remaining space has a quoting rent of £28/ sq.
The deal is the biggest since bank HBOS’s decision to take 101,000 sq ft at the Citymark scheme in Fountainbridge in 2003.
Then the space was let at £27 per sq ft - a sign of the lack of prime rental growth in Scotland’s capital over the last year due to the ready supply of available new space.
Fully refurbished, Shepherd and Wedderburn is believed to have taken a 15-year lease on the whole of the upper two floors.
The closest other deal of a similar size was by another law firm when Maclay Murray & Spens took 50,000 sq ft at Gladedale and HBOS’s Quartermile scheme in February this year.
Jones Lang LaSalle acted for Standard Life; Shepherd and Wedderburn represented itself. Neither party would comment on the deal.