Orega Expands at Aberdeen’s Capitol Building Offices

Flexible workspace provider Orega has increased its presence at The Capitol Building in Aberdeen, taking another 5,000 sq ft at this building owned by M&G, represented by Ryden in this transaction.

Orega originally agreed on a deal for 10,000 sq ft at the property, which has a total of 80,000 sq ft of workspace across 12 floors, but has now expanded to a total of 15,000 sq ft due to the success in filling the space.

Earlier this month global energy firm Xodus also signed a 10-year deal to lease 10,139 sq ft, joining other occupiers such as PwC and Ryden.

Located at the west end of Union Street, the building was a theatre until the mid 1990s and hosted music royalty, such as The Who and The Rolling Stones, in its previous life. The venue was comprehensively refurbished and extended in 2016 by Knight Real Estate.

John Duxbury, head of UK portfolio asset management at M&G Real Estate, commented on this transaction:

"Through our refurbishment of The Capitol Building we have created much-needed Grade A, sustainability-led office space in Aberdeen that has led to new leases with Orega and Ryden in recent months.

"Our work at The Capitol Building continues our strategy of developing assets of scale in prime locations where we are able to enhance the built environment by delivering buildings with best-in-class ESG credentials that attract leading occupiers, enabling us the potential to deliver compelling returns for our investors."

Lynsey O’Keefe, Chief Operating Office at Orega, added:

“Orega already had a strong presence in Aberdeen, we opened Phase 1 of The Capitol Building 100% occupied, which has led to us taking additional space.

"We are attracting much interest from a wide range of businesses who are increasingly looking for a flexible way to occupy very high-quality space that is also value for money, in support of the return to the office to work. This is a trend which shows no sign of abating in Scotland, as in the rest of the UK."

Ryden acted for the landlord, while Savills acted on behalf of Orega.

For further information on the space available at The Capitol, please get in touch with Arron Finnie.