THE North East office of international law firm DAC Beachcroft will move to new premises next spring and increase staff numbers by 50 in the months after the move.
Since opening its doors in November 2008 with 30 staff, the Newcastle team now has 70 employees and is one of the leading providers of insurance and healthcare legal advice to businesses and the NHS in the North East and Cumbria.
The firm expects to grow to employ more than 120 staff at its new 11,300sq ft, top-floor office in Wellbar Central, Gallowgate, Newcastle city centre.
David Weatherburn, regional senior partner of DAC Beachcroft Newcastle, said: “Our move into the city in 2008 signaled our commitment to the region. Now, four years later, we are delighted to be relocating to some of the finest offices in the area.
“We’ve been able to attract some great lawyers and fantastic clients and our success means we are in a position to expand into the penthouse offices at Wellbar Central in April next year.”
The office, which benefits from an extensive roof terrace with panoramic views over the city and beyond, is the most recent letting in a landmark building that has already attracted BSkyB and Punter Southall, Pension Consultants.
Gavin Black of Gavin Black & Partners, joint agent with Knight Frank, said: “The line-up of occupiers to date is testimony to the first-class design and outstanding location of Wellbar Central.
“They are progressing the interest of a number of other parties in the remaining 60,000sq ft in the building at £21.50 per sq ft as well as two prime retail opportunities on the ground floor at £25 per sq ft.”
Richard Wood, who worked on the development of Wellbar Central, said: “We are delighted with this recent letting which has responded to the high specification and design of Wellbar Central.
“With its sister development Time Central, home to Muckle Law Firm and Brewin Dolphin, these two developments, which were the vision of the late Sheila Siddiqui, have transformed this part of the city into one of Newcastle’s prime business districts.”
DAC Beachcroft, with more than 2,200 people across the UK, Europe, Asia Pacific and Latin America, was represented by Savills.
Against expectations, demand for office space over the summer did not interrupt the level of business in the regional office sector with 52,729sq ft let in Newcastle city centre and 125,869sq ft let out of town – in all 178,598sq ft an increase on the preceding quarter.
Aidan Baker, director at BNP Paribas Real Estate, said: “Rental levels across the sector are holding up with the DAC Beachcroft being agreed at £21.50 per sq ft.
“I think this is positive for the sector as are the number of continuing requirements and the erosion of Grade A supply within the city centre will start to see incentive packages diminishing in the not-too-distant future”