LEGAL giant Dentons is relocating in Edinburgh to a £350 million office property in Haymarket, where developers have now pre-let nearly 400,000 square feet of prime space to a host of blue-chip companies.

Dentons, the world’s largest law firm which operates in more than 75 countries, has signed a 15-year lease to occupy the first floor at 1 Haymarket Square. It will move after its current lease at Quartermile in the city expires in October this year.

The deal was revealed as it was announced separately this morning that all 390,000 square feet at the flagship Haymarket Edinburgh office development, which takes in 1 Haymarket Square, has been pre-let. 

In addition to Dentons, both accountancy giant Deloitte and law firm Shoosmiths have taken space at Haymarket One on 15-year leases.

1 Haymarket Square is the first office to be released at the massive Haymarket Edinburgh development, which is being delivered by M&G Real Estate and Qmile Group, and spans 110,000 square feet of Grade A office space over seven floors.

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Future tenants at Haymarket Edinburgh include Capricorn Energy (formerly Cairn Energy), law firm Shepherd and Wedderburn and fund management giant Baillie Gifford, which has taken 280,000 sq ft on a 20-year lease. Baillie Gifford is moving its head office to Haymarket Three.

Haymarket One is scheduled for completion in August this year, and Haymarket Three in the autumn of next year.

Dentons said its new office will give it access to more than 100 cycle spaces, a roof terrace and advantageous transport links, including Haymarket railway station, trams, buses and cycle paths.

It first moved into the Scottish market when it acquired historic law firm Maclay Murray & Spens in 2017.

Claire Armstrong, managing partner of Dentons' Scotland, said: “This is a flagship development in an easily accessible part of Edinburgh with sustainability at its core.

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"We look forward to moving our people into such a dynamic new working environment, and welcoming our clients to our new offices, in a year where the firm also celebrates its 150th anniversary in Scotland.”

Aaron Pope, director at M&G Real Estate, said: “As an asset owner and an asset manager, M&G saw an opportunity to provide significant funding and expertise to regenerate Haymarket and transform it into a high-quality new destination for office workers and the local community.

“We are delighted that this fantastic office space has been pre-let to such prestigious global businesses, and we look forward to working with them and Qmile to deliver work environments which are centred around sustainability and occupier wellbeing.

"As a major investor in Edinburgh, M&G will continue to seek out opportunities in the city which, like Edinburgh Haymarket, can provide a sustained income for our customers and clients.”

Paul Curran, chief executive of Edinburgh-based Qmile Group, said: “To announce we are 100 per cent pre-let, despite all the challenges of the past couple of years, is a remarkable achievement by everyone involved in the Haymarket Edinburgh development. It is testament to the commitment and capability of our people, partners, and advisers, as well as that of Edinburgh’s commercial property market and the wider business community.

“When you consider the site was derelict for more than 50 years to know we are well on our way to creating a thriving business community and making Haymarket Edinburgh an integral part of the city centre, is something we are very proud of.

“We now look forward to delivering the development and continuing the positive conversations we are having with potential occupiers for the remaining leisure and retail space we have available here.”