Hermes Investment Management, represented by Savills, welcomes another new occupier to The Exchange on Market Street in Aberdeen. SentinelMarine, the offshore support vessel operator, is the latest occupier to commit to the building which has seen c.30,000 sq ft (2,787 sq m) of office space transacted in the last 18 months, representing more than 35% of the total space in the building.
Sentinel Marine will occupy the eighth floor of the building, expanding 4,515 sq ft (419 sq m), on a new 10-year lease. Sentinel joins Solstad Farstad, Atlas Professionals, IHS Markit, GulfMark, Sodexo, Oil and Gas UK and The Scottish Children’s Reporter in the building.
The Exchange has been comprehensively refurbished to reposition a 1980’s building into an office fit for today’s occupier, including the recently commissioned works to install new showers and cycle racks. Only circa 15,000 sq ft (1,394 sq m) remains available at a quoting price of £20 per sq ft.
Dan Smith, director at Savills in Aberdeen, comments: “The success of an extensive speculative investment program to comprehensively refurbish The Exchange is evident in the number of new occupiers to the building as Sentinel becomes the latest business to relocate from elsewhere in the city. Located in a highly desirable quayside location, the building offers high quality office accommodation that is now able to compete with newer developments in terms of specification, but which is still offered at a highly competitive price point. This renders The Exchange an extremely attractive option for occupiers considering a relocation.”
Savills research suggests prime Grade A rents in Aberdeen stand at £32.50 per sq ft (£350 per sq m). The firm is jointly instructed with FG Burnett. Sentinel was unrepresented.
