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Office News
A £4 million investment to refurbish the EastWest building at City Gate East in Nottingham helped the building achieve a rent of £24.50 per square foot.
The 19,045-square-feet letting to Equifax set a new benchmark for office rents in the city and earned a CoStar Impact Award in the category lease of the year. Broker Mark Tomlinson, a director at FHP Property Consultants, advised developer CEG on the letting.
The judges were impressed by how the refurbishment had transformed a second-hand office building into attractive, modern, quality workspace with thought paid to work-life balance. Properties like the EastWest building will help attract employees to the city centres, which is vital to the economy.
Developer CEG rebuilt the existing building, a short walk from Nottingham’s railway station, to cut the carbon footprint, adding new secondary glazing, variant refrigerant flow heating and cooling, and movement-controlled LED lighting.
“Supply of good quality office space in Nottingham is low and EastWest stands alone in its ability to offer its tenants a superb onsite business lounge café for informal meetings, hosting client events, staff breakout and workspaces,” said Tomlinson.
The move to the EastWest building marked an expansion for Equifax and its RDX Group and is the largest letting in the 160,000-square-foot building.
About the project:
Mark Tomlinson, a director at FHP Property Consultants, brokered a 19,045-square-feet lease in the East West building for CEG.
What the judges said:
“It’s encouraging to see how a mid 20th century office building can be transformed, through cutting edge contemporary refurbishment, to offer more attractive modern, quality workspace. This investment has paid dividends, evidenced by the successful,” said Keith Lown, head of department – property management and development at Nottingham Trent University.