- What Osborne Clarke’s pre-let at Finzels Reach, Bristol
- Why Due to relocate from existing office at Temple Quay
- What next 116,000 sq ft development set to complete in two years
Law firm Osborne Clarke has signed a pre-let for 74,000 sq ft at Cubex’s Halo, a commercial development at Bristol’s Finzels Reach funded by Fiera Real Estate.
The law firm has agreed a mixed-rent 12-year lease at £35.50/sq ft for four floors, and £36.50/sq ft for the top floor, featuring a roof terrace.
Cubex bought the former Avon Fire & Rescue headquarters in 2018 on behalf of the Fiera Real Estate Opportunity Fund IV, a JV by Fiera which is exclusive to clients of CBRE GIP.
Osborne Clarke is set to relocate around 600 staff from its Temple Quay office into the top five floors of Halo when the building completes in two years’ time.
Halo covers 116,000 sq ft and is the latest office offering at Finzels Reach, which also includes Barclays, Channel 4, Historic England, EDF, and BDH among its occupiers. Finzels Reach has also ramped up its social offering with brewery Left Handed Giant, Mission Pizza, and Finzels Reach Market all opening in the last two years.
Knight Frank and Lambert Smith Hampton are the lettings agents on Halo. Morton Property Consultants advised Osborne Clarke on the deal.
Ray Berg, managing partner of Osborne Clarke UK, said:”We’re incredibly excited to have Halo as our new Bristol home. Its standout design and sustainability credentials are a perfect fit for us as we look to invest in a new building that will take us into the future and create an exciting working space for our people and clients.
“Bristol is widely thought of as the UK’s second centre for law and maintaining a strong base in the city will be vital to our business strategy and ongoing success. In the time we’ve been on Temple Quay, the firm has grown considerably; we’re now a €300m business. We’ve opened many new offices internationally but remain firmly committed to the UK and Bristol.”
Peter Walford, director at Cubex, said: “We are thrilled that Osborne Clarke is on board at Halo so far in advance of the completion of this cutting-edge new office building for Bristol. It’s hugely satisfying to see the success of Finzels Reach to date and we are proud that Halo will set new benchmarks for sustainability, wellbeing and digital connectivity.
“It’s very exciting to see work on phase two of Finzels Reach forging ahead, with this new deal an important catalyst for the regeneration of this brownfield site in Bristol’s medieval heart. We are in talks with other potential occupiers of Halo and expect to make new announcements soon.”
Steve Wright, director at Fiera Real Estate, added: “We are delighted to have secured an occupier who shares Fiera Real Estates’ passion to create new buildings that offer superior wellness, sustainability and smart criteria to much of the existing standing stock. We have ongoing requirements for similar schemes through our new value-add fund, the Fiera Real Estate Opportunity Fund V (UK), which targets lot sizes of between £5m – £25m.”