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Business & Economy

The Pearl welcomes two more tenants

One of Newcastle’s landmark buildings has signed up two new tenants in a deal that a North East commercial property consultancy helped to secure.

The office agency team Naylors Gavin Black LLP completed the two lettings for units at The Pearl, a comprehensively refurbished office building in a prime location on New Bridge Street in the city centre.

One of the new tenants is multinational HR consultancy, Randstad, which has agreed a 10-year lease for a 3456 sq ft suite on the seventh floor of the eight-storey building.

The other tenant is US company Alere, a global medical and healthcare firm, which will let a unit on the second floor that will be used for medical assessments.

Both companies will benefit from The Pearl’s open-plan, air-conditioned office space with gold-rated superfast broadband, energy efficient lighting, and panoramic views of the city.

The building is now nearly fully occupied, leaving only a small number of suites available for prospective tenants, which are currently being marketed at a rent of £17.50 per sq ft.

Chris Pearson, partner at Naylors Gavin Black LLP, said: “It is fantastic to be able to welcome two more occupiers to The Pearl, which continues to prove popular with firms looking for a high standard of office accommodation in the city centre.

“With strong interest in the whole of the sixth floor of this innovative development, there is now only one second floor suite of 1,000 sq ft available, along with the fourth floor, so occupiers actively looking to relocate should act quickly to avoid disappointment.”

Stephen Bradley, director of asset management at Hermes Fund Managers Limited, which manages The Pearl, added: “Our £3 million refurbishment of this iconic property has created an airy and modern working environment that suits a broad range of occupiers, including Barton Wilmore, Maersk and Shared Interest Society.

“Since The Pearl was launched to market, we’ve seen strong occupier demand for high quality, cost effective and well-equipped office space in Newcastle city centre that has contributed to our ongoing success.

“We’ve no doubt that both Naylors Gavin Black, and joint letting agent Knight Frank, will receive a good number of enquiries from interested parties for the property’s remaining space.”