Blood glucose monitor manufacturer moves into what is fast-becoming a major hub for pioneering and growing businesses
US medical firm Dexcom has opened its first European headquarters in Edinburgh, with plans to create more than 60 jobs in the city over the next three years.
Dexcom, which develops and manufactures portable continuous blood glucose monitors (CGM) to help people with diabetes, has taken a 846 sq m (9,105 sq ft) Grade A suite at 1 Tanfield at Inverleith Row in Edinburgh.
It has signed a 10-year lease following the refurbishment of Tanfield after Rockspring acquired the property in April 2015.
Tanfield is now 85% let to 11 tenants, which also include Avaloq, Zonal, FNZ, Craneware and Dell Secureworks.
John Lister, general manager of commercial operations at Dexcom, said: “With its strong history of medical innovation and the incredible talent pool in the city, Edinburgh and Tanfield really stood out for Dexcom as a location.”
Peter I’Anson, partner at Ryden, said: “Securing Dexcom as a tenant is superb news for Edinburgh and a welcomed reaffirmation of the city’s global reputation for being innovative and its ability to attract international organisations. Tanfield is the perfect fit for Dexcom given its status for being home to progressive and pioneering businesses.”
Kim Sardar, assistant fund manager at Rockspring, added: “Securing Dexcom’s first European HQ at Tanfield is a great achievement for Rockspring and the Tanfield team and endorses the decision to refresh the common parts to ensure that they provided the facilities expected by prospective tenants.”
Tanfield provides more than 190,846 sq ft of office space over three floors, as well as an underground car park with 297 spaces. Suites from 7,646 sq ft to 29,176 sq ft are currently available to let.
UK Value 2 is the second fund in Rockspring’s UK-only closed-end real estate strategy with a core plus risk profile. The Fund held its final close in January 2015, which, at eight months, was the fastest fundraise Rockspring has achieved in its 30 year history.
Rockspring secured a total of £342 million of equity from 11 investors for the Fund, which will have a duration of seven years.
Ryden advised landlord Rockspring Property Investment Managers LLP (“Rockspring”) on behalf of its UK Value 2 LP (the “Fund”). Eric Young & Co and Burness Paull acted for Dexcom.