Glasgow's St Vincent Plaza office building has been sold in what has been described as "one of the largest investment transactions in Scotland in recent years".
It has been sold by property developer Abstract to a division of US-based private investment firm Starwood Capital for an undisclosed sum. Set up five years ago, Abstract has built or has under construction more than 1 million square feet of office space across the UK, along with a major refurbishment project of 250,000sq ft.
That includes the 172,307sq ft St Vincent Plaza , a speculative development that was completed in late 2015. It is the third in Abstract's range of "uncompromising value" buildings that combine high-specification Grade A space with tight design and procurement processes to keep lease costs as low as possible.
The building's newest occupant is Zurich Insurance, which will re-located its operations from Bothwell Street in mid-2018. It is taking on the entire 7th floor of St Vincent Plaza, which comprises 17,222sq ft, on a new 10-year lease.
Read the full story here: Insider.