U.K.-based asset manager Hermes Investment Management will partner with BAM Properties to construct the biggest speculative office asset in Edinburgh, Property Week reported.
The asset manager received planning approval for a 152,623-square-foot complex two years ago in 2015, which it clinched together with development manager Parlison Properties, who will act as a consultant on the development. The latest version of plans for the building on Edinburgh's Capital Square site will encompass 122,000 square feet of space, according to the Oct. 13 report.
Hermes and BAM will build an eight-story, grade A office tower on the plot, which is in the city's business district. Montagu Evans and CBRE have been engaged jointly as letting agents to seek tenants for the building, which is slated for completion in 2020.