Case Study: Capital Square

Acting for BAM Properties Limited and in partnership with Federated Hermes, in relation to a speculative office development at Capital Square, Morrison Street, in the heart of the Exchange—Edinburgh's commercial district.

Introduction

MFMac acted for BAM Properties Limited over a number of years in relation to this speculative office development project. Our involvement stretched from supporting BAM in relation to the original site assembly and collaboration arrangements through the planning and procurement phases to various lettings deals and ultimately, a successful exit from the project.

The development was awarded the Best Commercial Workplace in Scotland in 2022 by the British Council of Offices and has set a new benchmark for occupiers in terms of both its ESG credentials and its wellness facilities. We assisted the clients with the successful conclusion and completion of various lettings deals at the development of several "blue chip" professional services businesses.

Key highlights

A large speculative and sustainable office development project.
Individual occupiers have designed their offices to meet WELL building standards, further enhancing the development's sustainability credentials.
Advising on significant office letting deals in the Scottish market.
A long-term and collaborative relationship with BAM as a key adviser.
MFMac deployed a team of specialists with deep knowledge of the real estate sector.
An understanding of BAM's strategic objectives was required throughout the project.

Conclusion

We were pleased to deploy a highly experienced and specialist team of senior real estate lawyers, each with extensive expertise in the Scottish property sector and a proven track record in managing complex, high-profile matters. Their deep understanding of the industry was instrumental throughout every phase of the development process, ensuring our clients consistently received market-leading legal and commercial guidance over a number of years.

The successful completion of the Capital Square development stands as a testament to our client’s unwavering commitment to its strategic vision. It also underscores a broader shift within the UK property market, where developers increasingly recognise that prioritising ESG principles and workplace wellness is now central to the decision-making of corporate occupiers seeking new office space.

BAM have worked with the real estate team at MFMac for a number of years. While they have a very strong understanding of the real estate sector in Scotland, they also provide first-class legal advice. Throughout the Capital Square project, they were very impressive in deploying legal specialists at every stage of the development process. More than anything else, though, they took time to genuinely understand our business plan and what was important to us.