CityBee, a joint venture formed between Europi Property Group and Trinova Real Estate, has secured a significant milestone in the Glasgow property market by extending leases with two key tenants at their office complex, Cuprum. These extensions encompass approximately 60,000 square feet of prime office space, reinforcing the building’s status as a sought-after location in the city’s central business district. AXA Insurance UK Plc will continue its occupancy of around 33,000 square feet until 2031, while Teleperformance Limited will extend its lease for an additional year, remaining in approximately 27,000 square feet until
2030. The strategic positioning of Cuprum at the Western gateway to Glasgow City Centre, coupled with its Grade A office space and strong environmental credentials, make it an attractive option for businesses looking to relocate or expand. The building has been recently updated with enhancements including a modernized reception area and improved facilities such as ample cycle storage and showers, responding to the growing demand for sustainable office environments. With an additional 17,000 square feet currently available for lease, Cuprum continues to attract interest in a recovering market, as evidenced by supportive comments from key stakeholders in the property sector.
Key Takeaways
- CityBee has secured significant lease extensions at Cuprum, reinforcing its position in Glasgow’s office space market.
- Cuprum’s strategic location and high ESG credentials make it an attractive option for tenants seeking sustainable office solutions.
- Recent upgrades and amenities at Cuprum reflect the growing demand for quality office spaces, despite previous market challenges.
Overview of Cuprum and Its Strategic Location
In a significant development for office real estate in Glasgow, CityBee, a collaboration between Europi Property Group and Trinova Real Estate, has successfully negotiated lease extensions with two prominent tenants at their office property, Cuprum. The combined lease extensions encompass approximately 60,000 square feet, with AXA Insurance UK Plc committing to approximately 33,000 square feet until 2031, and Teleperformance Limited renewing its lease for around 27,000 square feet until
2030. Cuprum’s strategic location at the Western gateway to Glasgow City Centre, complemented by its striking architectural design and modern amenities, has made it a sought-after destination for businesses. The building earns high environmental ratings, including an EPC A and a BREEAM ‘Very Good,’ which are vital in today’s market where sustainability is paramount. Recent upgrades by the landlord, such as enhancements to the reception area and the incorporation of facilities like cycle storage and showers, not only improve the occupant experience but also align with the growing tenant demand for sustainable and well-equipped office environments. Avison Young is currently promoting an additional 17,000 square feet available for lease, reflecting ongoing investment in this premium office space. Both Mike McCarrick of Trinova and James Tootell from Europi have noted increasing confidence in the market for office spaces, highlighting the importance of high-quality, sustainable buildings amid recovering demand (Property Week, 2024; Bisnow, 2024).
Impact of Lease Extensions on the Office Space Market
The positive trajectory for lease extensions at Cuprum signals a broader trend in the UK’s office space market, where sustainability and quality have become crucial factors influencing tenant decisions. Notably, as companies continue to adapt to hybrid working models, the demand for flexible and environmentally friendly office spaces is on the rise. According to recent studies, tenants are prioritizing locations that not only meet their traditional needs for space but also embody their corporate social responsibility values (Knight Frank, 2024). Furthermore, the investment in facilities that promote health and well-being, such as enhanced natural light and green spaces, is increasingly seen as essential in attracting and retaining tenants in a competitive marketplace. As the UK economy recovers and shifts towards more resilient office environments, developments like Cuprum are poised to set benchmarks for future projects, potentially reshaping tenant expectations across the country.
