Chrysaor Holdings Limited (Chrysaor), the UK oil & gas independent, has agreed terms for space at The Capitol on Union Street, Aberdeen, to act as its North Sea Operations base. Chrysaor has entered into a lease agreement with Knight Property Group and M&G Real Estate for over 48,000 square feet of office space.Chrysaor was formed in 2007 and recently acquired assets worth $3 billion from Shell and is led by CEO, Phil Kirk. The company has a 50% interest in East Solan Basin, a 50% interest in South Solan Basin and 100% interest West Solan Basin.
After a £30 million investment into the property, The Capitol has been restored to its former glory, and transformed into modern office space. Chrysaor will join current tenants PwC and MMS in the heart of the city centre.
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James Barrack, Managing Director at Knight Property Group comments, “We are delighted to welcome Chrysaor to The Capitol. In an improving Oil and Gas market it is refreshing to see new businesses emerging and making long term commitments to Aberdeen and the city centre.
Chrysaor moving to The Capitol is a positive step for Union Street. The increased footfall will bring increased business to businesses within the West End, strengthening the regeneration within the area.”
William Badger, Asset Manager at M&G Real Estate, added: “This deal with Chrysaor shows the ongoing demand for new Grade A office space. The Capitol’s high quality specification and modern facilities provide occupiers with an ideal working environment.
“With just one floor remaining (10,344 sq ft), the building will now undoubtedly help consolidate Union Street as a main business destination in Aberdeen.”
The deal represents a significant letting in excess of 65% of the property and includes the Grand Office with mezzanine floor located in the original part of the property.
Phil Kirk, Chief Executive Officer, said: “At the time of the transaction I promised to secure a prime property for Chrysaor’s North Sea Operations. I am now delighted to confirm that we are proceeding with a landmark location with high quality office space for employees joining Chrysaor. In the coming months we will be fitting-out the office and installing technology to enable our employees to deliver at their best. Our move to The Capitol is a positive step for Union Street and the wider Aberdeen area. The increased footfall on Union Street will bring increased opportunities to businesses within the West End and strengthen regeneration within the area.”