Leading property consultancy CBRE has announced it has secured a new tenant for landmark office development The Silver Fin Building on Union Street in Aberdeen on behalf of developer Titan Investors and owner British Airways Pension Trustees Ltd.
CATS Management Limited (CML) is leasing part of level 7 in the building, relocating from its former premises on Bon Accord Crescent, and has now taken occupation.
The company operates CATS (Central Area Transmission System), a natural gas transportation and processing system that transports gas through a subsea pipeline from the Central North Sea to a reception and processing terminal at Teesside in the North East of England.
A critically important piece of North Sea infrastructure, CATS has been operating safely and effectively for more than 20 years, with the potential to continue to operate for at least another 20 years. It currently serves over 30 producing fields connected via a series of production hubs, with customers including most of the major North Sea gas producers.
Sean Mackenzie, a director at Titan Investors, commented: “It is excellent news that we can confirm this letting to CML and we are delighted they have made the decision to commit to The Silver Fin Building.”
Derren McRae, managing director of CBRE in Aberdeen, said: “The letting to CML further demonstrates occupiers’ desire to move to modern Grade A office space which can offer both exceptional views of the city but also flexible open plan floorplates.”
Andy Hessell, managing director at CML, added: “This move has allowed us to bring our team together in a modern, open plan working environment that will support the ongoing expansion of our business, and clearly demonstrates our long-term commitment to Aberdeen and the North Sea.”
The letting follows on from The Silver Fin Building’s recent recognition at the annual British Council for Offices’ (BCO) regional awards. The BCO Awards programme recognises the highest quality developments in the UK and sets the standard for excellence in the office sector. The building was named as the winner of the Best Commercial Workplace in Scotland category.
It was praised by the judging panel as a best in class office development which has revitalised the streetscape. The 132,000 sq ft speculative development utilises high quality, locally sourced materials, both internally and externally. The judges noted how the building core has been designed with tenants in mind, ensuring that common area spaces are proportional and functional and serve users in a ‘practical and elegant fashion’.
CBRE and FG Burnett represented Titan Investors in the transaction whilst Kenny Lyon Consulting acted for CATS Management Limited.