Investment management firm Hermes has secured its first letting at The Pearl in Newcastle following a comprehensive refurbishment of the building.
Based on New Bridge Street West, the new-look Pearl building was launched in February 2014 before an audience of the region’s leading business and property figures.
Sunderland-based Brims Construction carried out the £3m refurbishment over 10 months on behalf of Hermes Real Estate Investment Management.
The Royal British Legion has now taken a 10-year letting on the 2,550sqft third floor of the city centre landmark, signing the lease on a stepped rent arrangement.
The landmark building has a total of 36,364sqft of space over seven floors, including the 16,602sqft Forum, which has been designed to accommodate smaller businesses.
The quoting rent is £16 per square foot.
Stephen Bradley, asset manager at Hermes Real Estate, said: “This letting at The Pearl is a positive indicator of the lettings market in Newcastle and a direct reflection of the occupier-led leasing policy that we have adopted.
“Our investment in The Pearl has also made it an attractive proposition for the local office market.”
Chris Pearson, partner at Gavin Black and Partners, which acted on behalf of Hermes Investment Management, added: “We have had a great deal of interest in this superbly finished building.
“The extensive refurbishment has delivered exceptional space which includes VRF air conditioning with heating and cooling, high efficiency lighting with automatic controls, Cat 6 compliant perimeter trunking, new double glazed windows with solar control to South and West elevations and a remodelled main entrance and reception area.”
Hermes Investment Management was represented by Gavin Black and Partners and Knight Frank LLP. Savills acted for The Royal British Legion.