GLASGOW-ScottishPower, one of United Kingdom’s largest power suppliers, has hired a joint venture of Helical Bar and Dawn Developments to build a new 14-story headquarters here in Glasgow City Centre. The 220,000-square-foot office building, going up at the corner of St. Vincent and India streets, is reported to cost more than $63 million.
The power firm said in a statement this morning that it will sign a long-term lease with a new owner once the building is completed in late 2015. The company also hired Helical to prepare for lease its current office locations in Cathcart, Yoker and Falkirk.
The building is going up where the failed Elhpinstone Tower was supposed to be built, on the site of the former Strathclyde Regional Council headquarters. The 39-story tower, to be the tallest building in Scotland, had been financed by Lehman Bros.
Ignacio Galan, chairman of ScottishPower, said in the statement that the decision was made to push forward with a new headquarters to consolidate its growth in one location. “We have invested $6 billion in the United Kingdom, and made a commitment that Glasgow would remain as the central location for our company,” he said. “This will be a hub for delivering the $16 billion of planned investment over the coming years.”
The firm has a number of new contracts. These include a $9 billion investment to upgrade the electricity network in central and southern Scotland, a $2 billion investment on an undersea power cable linking Scotland to North Wales and a $2.5 billion offshore wind farm in the Irish Sea.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
