The site at 33 Cadogan Street (formerly known as The Grid) in Glasgow has already been cleared and prepared for construction.
McLaughlin & Harvey is expected to complete the 12-storey development, designed by Glasgow based architect Cooper Cromar, in summer 2025.
CEG has secured equity funding from its existing investors, primarily sourced from Swedish State Pension Funds AP1 and AP4.
CEG investment manager Paul Richardson said: “The start on site with this speculative development is testament to CEG’s confidence in the Glasgow market. The city is suffering from an acute lack of Grade A office supply and 33 Cadogan Street will help to remedy that.
“A best-in-class office development, targeting the highest sustainability credentials, it will respond to occupier’s demands for net zero carbon in operation office space, as well as providing fantastic amenities and a healthy and productive place to work.”
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