AutoRek, a leading provider of financial, operational and regulatory reporting and control software, has been confirmed as the latest occupier for The Garment Factory, a unique and contemporary office development in Glasgow’s city centre.
AutoRek, which also has offices in Edinburgh, London and New York, is taking the entire fourth floor of The Garment Factory, comprising 8,385 sq ft of space, on a ten year lease at a rental of £24 per sq ft. The firm will relocate from its current premises on Bath Street in Glasgow later this year following a period of fitting out. Its new space in The Garment Factory is double the size of the Bath Street office, representing a significant expansion for the firm.
Head quartered in Glasgow, AutoRek provides software solutions for organisations operating in the global financial services market. Its team of 65 employees specialise in financial data management and regulatory reporting. The workforce continues to expand in line with the market demand resulting from increasing UK and international regulations.
A category ‘B’ listed building located at the corner of Ingram Street and Montrose Street in the Merchant City Central Conservation Area, The Garment Factory is one of Glasgow’s most notable buildings. It provides 47,382 sq ft of high quality retail and design-focused office space over seven floors.
A recently completed £6million refurbishment project at the building, by developer Castleforge Partners, involved combining the restoration of the original features, including exposed ceilings, steel and brickwork, wooden flooring and ornate staircases, with the introduction of contemporary finishes throughout to provide a 21st century workplace.
Gordon McHarg, Managing Director at AutoRek, commented: “After years of sustained growth we are excited to confirm we are moving our Glasgow team to The Garment Factory, a fantastic building in a great location.
“We have achieved considerable business success over the past few years which has led to the need to significantly expand our operations. Our new space in The Garment Factory will offer us the larger premises we need to accommodate this growth.”
Tim Jacobsen, a partner at Ryden, letting agent for The Garment Factory who represented Castleforge Partners in the transaction, said: “It is great news that we can confirm another entire floor has been let at The Garment Factory. AutoRek is a highly successful company and I am sure the staff will settle in well at the building when they take occupation later this month.
“This latest letting means the building is now 50% let, just three months after completion of the refurbishment project, showing the appeal of the building and the area. We are also in talks with more occupiers regarding other floors in the building.”
Rachael Pittaway from Castleforge Partners, said: “We’re thrilled to welcome AutoRek, a very successful and growing business, to The Garment Factory. The building is being very well received in the market and we are looking forward to announcing further deals in the not too distant future.”
Well-known Glaswegian deli, shop and restaurant The Wilson Street Pantry has been announced as the new café operator for The Garment Factory and will commence trading next month.
Castleforge is also seeking restaurant/bar operators for the two unique retail units on the lower levels of the building, extending to 3,283 sq ft and 2,863 sq ft.