Edinburgh’s Exchange Place for sale at £85m

JLL Scotland said that on the instructions of Aberdeen Asset Management, it has listed Exchange Place at the heart of the Edinburgh financial district for sale at £85 million.

JLL said the three office blocks that comprise Exchange Place make up a total of 214,655 square feet.

“The sale represents a rare opportunity to acquire three striking Grade A office buildings in a central and commercially strategic location within a city boasting the highest quality of living in the UK,” said JLL.

“Exchange Place is fully let to a prestigious clientele, with a diverse income profile in terms of tenant exposure and provides a purchaser with an overall weighted average unexpired lease term of 10.60 years to expiries and 8.07 years to breaks.”

JLL said 42% of income from Exchange Place is secured to fund management giant BlackRock and that the current contracted rent from Exchange Place is just more than £5 million a year.

The listing of Exchange Place follows news in September that The City of Edinburgh Council put the prestigious Atria office development just yards away in Edinburgh’s financial district on the market for a reported £100 million.

Atria sits next door to the Edinburgh International Conference Centre on Morrison Street.

Atria’s corporate tenants include PwC, Brewin Dolphin, Aon, IBM, the UK Green Investment Bank, the Law Society of Scotland, Alliance Trust and Lothian Pension Fund.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.