The
Scottish Partnership for Regeneration in Urban Centres (SPRUCE)
is committing £12 million, in the form of a loan, for the
renovation of the office development at 55 Douglas Street,
previously known as the Cerium Building, in the IFSD.
The renovation by Signal Capital will
deliver 85,000 square feet of new Grade A office space over six
levels and is due for completion in November 2019.
Communities Secretary Aileen Campbell said: "The transformation
of this building will further enhance the city's reputation as a
place where companies from across the globe will choose to locate
and do business, providing jobs for local people."
Gareth Richardson, Director of Asset Management for Signal
Capital said: "The SPRUCE fund is a great initiative that will help
us deliver some of the best available office accommodation in
Glasgow in 2019".
The Cerium building was formerly home to Morgan Stanley which,
last year, moved its 1,400 strong workforce across the road to
brand new purpose built offices at 122 Waterloo Street.
Underlining current levels of development activity in the IFSD,
a new head office for CYBG, owners of Clydesdale Bank, is underway
on the site directly adjacent to the new Morgan Stanley office.