Developer secures first tenant at new office complex

PROPERTY developer Chord has secured the first tenant at its new office complex in Birmingham’s Jewellery Quarter.

Construction and office fit out firm ISG has just completed the move from its base in Carver Street, also in the Jewellery Quarter, to Chord’s new 40 St Paul’s Square complex.

ISG has taken 3,314 sq ft on a 10-year lease at a rent of £17.50 per sq ft. The 25,400 sq ft mixed-use scheme was the first new-build offices to be completed in the second city this year and went on the market in May.

ISG has 27 offices worldwide and a turnover of more than £1bn. Its Midlands office has recently worked on the conversion of Shrewsbury Music Hall and the creation of North Warwickshire and Hinckley College campus.

It also upgraded the CTC Kingshurst Academy and built a new Village Hotel, both in Solihull. It has had a base in Birmingham for more than seven years but needed greater capacity to support its expansion plans.

ISG regional managing director Jonathan Kell said: “We wanted to retain our Jewellery Quarter presence but needed a larger office, with a single floor plate in a more centralised location.

“The office space at St Paul’s Place is the best we have seen in the Jewellery Quarter.”

Savills and GBR Phoenix Beard are joint letting agents.

Head of office agency at Savills Nick Williams said: “Achieving a letting so soon after launch is a significant endorsement of the quality of the product and location.”