UK law firm TLT has agreed a new ten year lease on its headquarters at One Redcliff Street in Bristol, kick starting a major expansion and refurbishment scheme for the landmark city centre building for Aberdeen Asset Management (AAM) on behalf of clients. The work will include building a brand new top floor client suite extension for TLT, providing unrivalled views across the city.
Colliers International and CBRE advised AAM and Alder King represented TLT. JLL Project Management is appointed to lead the extension and refurbishment work, which will deliver Grade A office space for TLT on completion. This includes the new 15th floor client suite extension, a full refurbishment of TLT work floors and new lifts, an intensive deep clean of the external façade and a redesign of the unusually extensive lobby area, including an improved entrance onto the city's Victoria Street.
As part of the lease, TLT will take on circa 90,000 square foot representing one of central Bristol's largest single office lettings for many years. Office designers Interaction are redesigning the firm's work and client areas to deliver a work environment that better facilitates collaborative and agile working.
The refit will also target improvements to the building's sustainability credentials with rooftop solar panels, bespoke secondary glazing, LED lighting and improved temperature control throughout. Improved facilities for cyclists will include additional cycle parking facilities and a suite of new shower and changing facilities in the basement.
TLT Managing Partner David Pester said: "It's exciting to be involved with this major refurbishment of a landmark city centre building. When complete, it will deliver an exceptional collaborative working environment for our people and a great work and meeting space for our clients.
"We have grown in number across the UK by nearly 40% in the last three years, hitting 1000 people at the end of 2015. Taking on additional space at our head office shows our commitment to continuing this growth, building on office expansion in Belfast and Manchester last year and Glasgow in 2014."
Stephen Lane of AAM commented: "We have worked closely with TLT to devise a scheme which meets their needs and will transform this iconic building. We are long term investors in the city and this demonstrates our commitment to enhance and upgrade our buildings wherever we can."
Stephen Lipfriend of Colliers International said: "The deal will see a major refurbishment of the interior and exterior of the building. This will include a brand new entrance from Victoria Street, a newly refitted reception, upgraded security and new lifts. The exterior of the building will be cleaned and windows upgraded and the paving and signage will also be replaced and upgraded. I am delighted that TLT have committed to the building until 2028 and this deal has enabled our client to undertake a major refurbishment and extension to bring 1 Redcliff in to the 21st Century."
Andrew Williams Director at JLL, appointed to lead the extension and refurbishment commented: "The highlight of the scheme is a roof top extension, a major engineering feat adding 10,000sqft floor-space offering panoramic views of the city. The office floors will also be refurbished on a phased basis along with the main reception and common parts whilst the building remains occupied throughout; and the central plant and infrastructure upgraded to improve the EPC and sustainability credentials of the property. TLT has an option for Aberdeen to deliver their fit out as part of a turnkey refurbishment arrangement."
Simon Price, Head of Agency at Alder King who represented TLT in the transaction commented: "Having undertaken a comprehensive assessment of all of the options available in the market we are delighted to have agreed this acquisition which will result in the building being transformed to meet TLT’s requirement for top quality space."