Commercial Estates Group (CEG) has acquired 33 Cadogan Street in Glasgow's city centre, for an undisclosed sum.
The 275,000 sq ft site comes with planning permission in place and has already been cleared for construction.
The property investment and development firm has appointed a design team to enhance the sustainability credentials of the new development.
Glasgow-based Cooper Cromar has been retained as architect for the scheme, having delivered CEG’s Number One Kirkstall Forge in Leeds.
CBRE advised CEG on the acquisition, while Knight Frank and JLL represented M&G on the sale.
JLL and CBRE have been appointed as joint agents to market the new development on behalf of CEG.
Tom Gaynor, head of investment at CEG, said: “We are confident in the strength of Glasgow’s office market - the city is under supplied in terms of Grade A workspace and there is a very restricted pipeline of consented and funded schemes.
“A significant number of recent lettings has further eroded available stock.”
The company’s ONYX development in Glasgow was recently redeveloped to deliver a new café, a range of facilities for cyclists and new flexible studios.
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