27th January 2016
Aberdeen Asset Management has secured TLT for landmark Bristol city centre building
UK law firm TLT, represented by Alder King, has signed a new 10 year lease on its headquarters at One Redcliff Street, kick-starting a major expansion and refurbishment scheme for the landmark city centre building by Aberdeen Asset Management (AAM) on behalf of clients. The work will include building a new top floor client suite for TLT, providing unrivalled views across the city.
Acting for AAM, Colliers International negotiated central Bristol’s largest single office letting in many years, which will see TLT occupy circa 90,000 sq ft at the landmark building near Bristol Bridge.
Stephen Lane of AAM commented: “We have worked closely with TLT to devise a scheme which meets its needs and will transform this iconic building. We are long term investors in the city and this demonstrates our commitment to enhance and upgrade our buildings wherever we can.”
Stephen Lipfriend of Colliers International said: “The deal will see a major refurbishment of the interior and exterior of the building. This will include a new entrance from Victoria Street, a newly-refitted reception, upgraded security and new lifts. The exterior of the building will be cleaned and windows upgraded and the paving and signage will also be replaced and upgraded.
“I am delighted that TLT has committed to the building until 2028 and this deal has enabled our client to undertake a major refurbishment and extension to bring One Redcliff in to the 21st century.”
Stephen Lipfriend of Colliers International was jointly instructed with Philip Morton of CBRE by Aberdeen Asset Management and Alder King represented TLT.
TLT Managing Partner David Pester said: “It’s exciting to be involved with this major refurbishment of a landmark city centre building. When complete, it will deliver an exceptional collaborative working environment for our people and a great work and meeting space for our clients.
“We have grown in number across the UK by nearly 40% in the last three years, hitting 1,000 people at the end of 2015. Taking on additional space at our head office shows our commitment to continuing this growth, building on office expansion in Belfast and Manchester last year and Glasgow in 2014.”
Simon Price, head of agency at Alder King who represented TLT in the transaction, commented: “Having undertaken a comprehensive assessment of all of the options available in the market we are delighted to have agreed this acquisition which will result in the building being transformed to meet TLT’s requirement for top quality space.”
JLL Project Management is appointed to lead the extension and refurbishment of One Redcliff Street. Andrew Williams Director at JLL commented: “The highlight of the scheme is a roof top extension, a major engineering feat adding 10,000 sq ft of floorspace offering panoramic views of the city. The office floors will also be refurbished on a phased basis along with the main reception and common parts whilst the building remains occupied throughou. The central plant and infrastructure will also be upgraded to improve the EPC and sustainability credentials of the property. TLT has an option for Aberdeen to deliver their fit out as part of a turnkey refurbishment arrangement.”
