£30m injection into Glasgow's Met Tower set to transform city's tech landscape
05 May 2022
Ryden has provided acquisition advice and support to Bruntwood SciTech - the Legal & General and Bruntwood joint venture partnership - in their acquisition of Met Tower for £16.2m from Osbourne+Co.
The purchase of this iconic 14-storey building, which sits in the heart of Glasgow, paves the way for Bruntwood SciTech's first scheme in Scotland and will on completion deliver much needed accommodation and support for Glasgow’s science and innovation sector.
Steven Gay, Development Partner at Ryden said: "This will be one of the most significant city centre redevelopments in recent years and will be an exemplar scheme with a focus on sustainability both in project delivery and in operation once complete. With our office leasing and project management teams inputting to the process it truly was a Ryden team effort. We’re delighted to have been retained by Bruntwood SciTech to help deliver the refurbishment and construction of the scheme and will be supporting them in working with exciting, growing tech businesses in Scotland to locate them into Met Tower."
Kate Lawlor, chief executive of Bruntwood SciTech, added: “Glasgow has one of Europe’s most exciting, diverse tech and digital clusters with exceptional higher education institutions and clinical assets. Met Tower is perfectly placed to help create a hub in which these businesses can scale, co-innovate and thrive. Met Tower is a Glasgow landmark in a brilliant location for innovative tech and digital businesses. This is our first in hopefully several brilliant projects in Scotland.”
The £30m transformation programme will offer 113,000 sq ft of coworking, serviced and leased office space. Bruntwood SciTech will also be creating a shared breakout space on the ground floor, showers, lockers, secure cycle store and sports kit drying room, as well as a rooftop lounge to be used by its future community. It will also offer a cafe and other food & beverage amenities.
Work is expected to start later this year, subject to planning, and complete in 2024. Plans for Met Tower’s adjacent development site are being reviewed and are yet to be finalised.
