State Street ‘eyes new Edinburgh European hub’

US financial services giant State Street is “lining up” 1-7 Exchange Crescent on Conference Square in Edinburgh’s central financial district for its new 60,000 sq ft European hub, according to a report in Property Week.

The deal would be the biggest office letting in Scotland since the EU referendum.

The report said State Street initially appointed Cushman & Wakefield to find 80,000 sq ft of space “because of a lease event” at its current building at 525 Ferry Road in the north of Edinburgh.

However, the report said it had to reduce its requirement because of a lack of available stock.

Analysts say there is limited supply of Grade-A office space in Edinburgh city centre.

State Street is now in the final stages of a deal for the Warburg-Henderson KAG-owned building on Conference Square for a rent of around £22/sq ft, the report said.

The deal would be the fourth biggest letting in Scotland this year and the second biggest in Edinburgh city centre behind Cirrus Logic’s deal to take 70,000 sq ft at Quartermile 4.

It would also be the biggest deal in Scotland since the Brexit vote, ahead of spirits company Edrington’s deal for 30,000 sq ft at 100 Queen Street in Glasgow.