The Instant Group, the flexible work space provider, has completed a tri-partite lease agreement on behalf of Barclays for its newly acquired office space in Glasgow.
The site has been taken via an innovative ‘Managed Office’ agreement whereby Instant lease, manage the fit-out and run the space at Princes House on West Campbell Street on behalf of Barclays under a tri-partite agreement between the landlord (Northwood), occupier (Barclays) and Instant.
In July last year the bank announced plans to build a new world-class campus in Buchannan Wharf, Tradeston, delivering significant regeneration and doubling the bank’s Scottish workforce from 2,500 to 5,000. The Princes House office will accommodate an anticipated 700 headcount as Barclays waits for their new building to be completed.
Needing to move fast while still taking space in a good location, Instant’s Managed Office allowed Barclays to move in just four months after the search was initiated. The tight timescale necessitated the requirement for an almost immediately available workspace – and one which was close enough to Barclays’ existing sites in the city to minimise disruption.
John Duckworth, UK and EMEA MD, The Instant Group, said: “To balance projected headcount growth with uncertainty around hub completion dates, ensuring flexibility through an ability to terminate the lease on an ongoing basis after the initial 30 months was essential. Leveraging our expertise of the local market, we undertook various elements of due diligence to ensure that the accommodation at Princes House was available for occupation just three months after the lease signature.
“Barclays’ move is a prime example of a progressive company that recognised the potential of an alternative procurement route compared to taking a traditional lease for office space. The Managed Office solution offered the best outcome to both client and the landlord by means of a simple, direct, total delivery route to market that drove a cost effective, quick solution through Instant. By extension this also enabled the Barclays property team to focus on the bigger picture in Glasgow and around their wider portfolio.”
