Tilney Smith & Williamson agrees to take 12,000 sq ft on the 14th floor on a 10-year lease
Follows the management agreement announcement with flexible workspace provider x+why
103 Colmore Row is the highest new office building currently under construction outside London
The 26-storey landmark building features wide-reaching technology and energy-saving initiatives
Stephen Drew from Tilney Smith & Williamson and James Howarth from Sterling Property Ventures
Leading wealth management and professional services group Tilney Smith & Williamson has become the second major occupier to sign up for office space at Birmingham’s 103 Colmore Row, the highest new office building currently under construction outside London.
The deal follows the announcement earlier this month that London-based flexible workspace provider x+why has signed a management agreement on 31,500 sq ft of space including a work lounge and wellness/ events space on part of the 18th floor. This is the same level as a 3,000 sq ft terrace, accessible by everyone who works in the building, available for use as a memorable breakout space with far-reaching views across the city and beyond.
Tilney Smith & Williamson has signed a ten-year lease for 12,000 sq ft on the 14th floor of the 26-storey landmark building, which is being developed by Tristan Capital Partners’ EPISO 4 Fund and Sterling Property Ventures.
James Howarth, Managing Director of Sterling Property Ventures, said: “We’ve worked hard to create one of the most feature-rich office buildings in the Midlands. With many companies now considering moves to regional cities following the pandemic, 103 Colmore Row’s location at the very heart of the Birmingham’s bustling Business District has been attracting attention from several leading companies such as Tilney Smith & Williamson. The building features a quadruple-height winter garden and a double-height 24th-floor sky bar and restaurant to be operated by D&D London who will also run a ground floor cocktail bar and café. To add to the appeal, the scheme has industry-leading energy efficiency and a dedicated app, which we believe is the first for a commercial office building in Birmingham.”
According to a poll recently commissioned by Sterling Property Ventures, a failure by employers to act on substandard office space could result in a loss of talent to rival firms. In London, 85 per cent of respondents said that the quality of a potential new employer’s office would be an important factor in them deciding to take a job or not. A similar number in Birmingham shared the view, with 83 per cent believing the same. Additionally, Savills Research recently highlighted a shortage of high-quality offices and shared space in Birmingham compared with London, emphasising the significance of 103 Colmore Row to meet local demand.
Dr Adam Parker, Managing Director of Tilney Smith & Williamson’s Birmingham Financial Services team commented: “Tilney and Smith & Williamson are two of the leading wealth management businesses in the Midlands and so we are delighted to be able to bring them together as one team at 103 Colmore Row. Our new office will allow us to keep pace with our ambitious regional expansion plans.”
Stephen Drew, Professional Services Regional Managing Partner at Tilney Smith & Williamson in Birmingham added: “We are excited by our move to a landmark building in our growing city. Our professional services team has more than doubled in the last 12 months and, as our growth journey continues, we are delighted to be able to offer a contemporary and smart working environment for our clients and team.”
Designed by architects Doone Silver Kerr, with an inspiring contemporary design, the building has 224,000 sq ft of Grade A office space and features the latest innovations, from wide-reaching technology to energy-saving initiatives. Leveraging the latest technology, energy efficiency systems and a vision that puts ESG at the heart of the building, the service charge and energy costs will be the lowest in the Birmingham office market, fixed for 15 years. 103 is the first commercial building linked to the Birmingham District Energy Scheme, part of Birmingham City Council’s climate change strategy, which aims to reduce CO2 emissions by 60% by 2027.
Paul Pritchard, Director at Tristan Capital Partners, added: “It is exciting to see forward-thinking businesses confirming their plans for how they intend to operate in the future. High quality and innovative workspaces are becoming a key requirement for high-knowledge businesses and we are delighted to announce Tilney Smith & Williamson as the latest occupier to choose 103 Colmore Row as its new home. 103 is setting the new benchmark for best-in-class office space and we are looking forward to welcoming further innovative and creative businesses to the building very soon.”
Office space at 103 Colmore Row is being marketed by joint agents Cushman & Wakefield, Colliers International and Knight Frank.