INVESTMENT giant abrdn is quitting its office on Edinburgh’s prestigious St Andrew Square in a move it said will save it millions of pounds per year over the next 15 years.
The company said staff will vacate 6 St Andrew Square during 2023, with the majority of its teams switching to its office at 1 George Street in the city. Some staff will move to a newly designated space within the company’s existing portfolio at 1 Broadway Park, The Gyle.
The change comes as companies continue to adjust their office requirements in the wake of the pandemic and the move by many to hybrid working.
Abrdn moved into 6 St Andrew Square in late 2017, after the building was commissioned by the then Standard Life Investments in November 2016, prior to the merger of Standard Life and Aberdeen Asset Management in 2017. The merged firm, Standard Life Aberdeen, changed its name to abrdn in 2021.
READ MORE: Shares surge in Edinburgh investment giant as profits beat forecasts
Abrdn said the office move would have no impact on headcount and declared the move would save several million pounds per year over the remainder of the lease, which ends in 2038.
The company employs 2,400 of its 5,300-strong workforce in the Scottish capital.
A spokesperson for abrdn said: “Like many companies, the way we use our office space has changed fundamentally since the pandemic.
“With a hybrid working model now firmly embedded, we’ve been reviewing how our colleagues use our Edinburgh buildings to connect, collaborate, and engage with clients, while taking into account our costs and environmental impact.
“The decision to relocate our teams into other abrdn buildings in the city will make better use of space, with less impact on the environment and at lower cost.”
Earlier this month, abrdn hailed its resilience amid “one of the hardest investing years in living memory” as profits fell but beat forecasts in 2022. The company reported a 19 per cent fall in operating profits to £263 million.
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