Bruntwood SciTech has expanded to Scotland with the acquisition of Glasgow’s Met Tower for £16.2m from Osborne+Co.
A joint venture between Bruntwood and Legal & General plans to regenerate the 113,000 sq ft building, which has been vacant since 2014, into the hub for tech and digital businesses. The £30m transformation is set to kick off later in 2022.
Under the plan, the Grade B listed building will offer co-working, serviced and leased office space, a shared breakout space on the ground floor, showers, lockers, secure cycle store and sports kit drying room, as well as a rooftop lounge. It will also offer a cafe and other food & beverage amenities.
It is intended that Met Tower be net zero in operation following the completion of its transformation, scheduled for 2024.
Kate Lawlor, chief executive of Bruntwood SciTech, said: “Our investment in Glasgow is for the long term and, as we have demonstrated in our other cities, we are committed to becoming embedded and driving forwards the growth of the knowledge economy and economic impact of the sector both in Glasgow and other parts of Scotland.”
OakNorth Bank has supported SciTech through the provision of an £8.6m acquisition loan and an agreement to provide up to £27m of additional funding to support the subsequent redevelopment of the building.
Ryden, Brodies and Addleshaw Goddard advised SciTech; Pinsent Masons advised OakNorth; Savills and DLA Piper represented Osborne+Co.
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