Construction to start next year.
Wragge’s signs at Ballymore’s Snowhill
06:15 | 22.04.08
Ballymore has signed up Birmingham’s largest office pre-let at its Snowhill scheme in the city.
Birmingham-based solicitor Wragge & Co has signed up to take 250,000 sq ft of offices at Two Snowhill, the second office building at Ballymore’s 1m sq ft mixed-use Snowhill development.
Wragge’s will move from its existing office at 55 Colmore Row in the city into the 14 storey scheme 2011.
Ian Metcalfe, managing partner of Wragge & Co, said: ‘It reflects our position as a leading UK law firm and will provide us with the long-term flexibility to adapt and grow as our clients require.’
Ballymore will start on site on the 320,000 sq ft building in June with completion due in 2011. The Siddell Gibson designed scheme includes building one, where KPMG has signed up to take a 120,000 sq ft, and building three which includes the city’s first five-star hotel.
http://www.thelawyer.com/cgi-bin/item.cgi?id=132348&d=415&h=417&f=416Wragges signs lease on new Birmingham HQ
Wragge & Co is preparing to move into new headquarters in Birmingham, putting an end to a one-year search for bigger premises.
According to managing partner Ian Metcalfe the firm has signed a lease, which begins in 2011, on new development Two Snowhill. The building, which is being developed by Ballymore Properties, comprises 300,000 sq ft and Wragges will occupy 250,000 sq ft over floors four to 11.
Metcalfe said the deal represents the largest pre-let in the centre of Birmingham by a factor of two.
The Lawyer reported on 7 April that Wragges was looking to consolidate its three Birmingham offices in a single larger site and was in advanced stages of negotiation.
The firm looked at Carlyle Group's Colmore Plaza, Baskerville House in Centenary Square and even expanding into buildings adjacent to its Colmore Row site, according to Metcalfe. However, it decided on Two Snowhill, because it allows flexibility to rent out as well as strong environmental credentials.
The building is to have specially angled deflectors on windows to reduce solar gain and the need for air conditioning as well as appropriate lighting and recycling systems, according to Metcalfe.
"We hope it will be the greenest building in Birmingham," he added.
Penny March has been brought in from Mayer Brown as head of facilities with responsibility for managing the move. She will consult with employees over the interior specification and design of the future building
http://www.globest.com/news/1141_1141/europe/170132-1.htmlWragge Leases 250,000 SF in Two Snowhill
BIRMINGHAM, ENGLAND-Law firm Wragge & Co. LLP has agreed to lease 250,000 sf in the planned 320,000-sf Two Snowhill office building here. The building is part of the UK$300 million (US$594 million), one-million-sf Snowhill development, that will also include the 250,000-sf One Snowhill office, a Westin Hotel, 336 apartment units and retail.
The 14-story Two Snowhill, overlooking Central Boulevard, will be completed in 2011. Wragge is moving from its existing offices at 55 Colmore Row. “This is a real coup, we’ve snared the best professional services firm in the local market,” says Richard Probert, with the project’s development company Ballymore.
Consultant firm KPMG has already pre-leased 120,000 sf of One Snowhill, which should be completed in about eight months. “We’re actively talking to other companies for the remaining floors of One and Two,” Probert tells GlobeSt.com. He says he can’t reveal the agreed-to lease rates, but says the asking rate for the remaining space is UK$30 (US$59.4) per sf.
Probert says the market, the second largest in the country after London, has about 15 million sf of total office stock, with an average absorption rate of about 500,000 sf of class A space per year. “We’ve taken half of that in one fell swoop,” he says. The rest of national market is slow, he says. “We’re off the boil, everyone is very cautious reacting to the global doom and gloom. There’s been oversupply rumors,” Probert says. “But in Birmingham, investment values are better positioned, and the recent leases seem to be indicative of confidence.”
55 Colmore Row, 1 Victoria Square AND Bank HouseWhere Wragge and co based now?
Don't forget though that the 'credit crunch' has only just hit, whereas Wragge & Ballymore will have been in talks for some time, and they are not due to move in for another 3 years.It would be no bad thing if the Birmingham Office market was seen as the safe ship in choppy waters, we would get the attention of the best developers (and talent) that way.