• Redevelopment of historic Glasgow building completes, bringing much-needed Grade A office space to a market facing severe supply constraints 
• The completion marks the official launch of the building to the market 
• Investment aligns with Orion’s wider strategy to gain exposure to leasing risk in best-in-class offices in supply constrained locations across Europe  

Orion Capital Managers is pleased to announce the practical completion of Lucent Glasgow. Lucent, developed on behalf of Orion European Real Estate Fund V, represents a 101, 406 sq ft, Grade A office development situated at the eastern end of Glasgow’s iconic Bothwell Street in the heart of the city.  

Lucent completes at a crucial time for the Glasgow office market as businesses are increasingly seeking high-quality office space in the city. Best-in-class space is now facing a critical supply shortage in Glasgow – JLL data from Q2 2025 shows the Grade A vacancy rate to have moved down to 2% for the first time since 2022.  

The development features best-in-class sustainability credentials in line with evolving occupier demands for prime office space, utilising natural or recycled materials throughout the design and construction process. The building’s typically expansive floorplates of 16,300 sq ft offer a unique proposition to corporate occupiers looking to expand or relocate to Glasgow city centre. Lucent is fully operationally carbon Net Zero, features WiredScore Platinum connectivity, and EPC ‘A’ rating.  

It also boasts 5,000 sq ft of ground floor amenity space dedicated to staff interaction and wellbeing including breakout areas, an AV suite, tenant lounge, artisan café, and yoga studio.  

Richard Low, Orion Capital Managers, said:  

“With industry leading amenity offerings and suitability credentials, Lucent is set to play an important role in satisfying the increasing corporate occupier demand for top-quality, well located space in Glasgow city centre. Our extensive redevelopment of the asset was initiated with this in mind and has successfully created a state-of-the-art office building while paying homage to the site’s unique architectural character.”   

“The redevelopment of Lucent aligns with Orion’s wider strategy to gain exposure to leasing risk in best-in-class offices in some of the most supply constrained locations across Europe.” 

The name Lucent was chosen for the development to reflect the buildings’ access to natural light on all sides, as well as its central light-filling atrium and multiple upper roof terraces offering unrivalled views of Glasgow city centre.   

The building was originally built between 1892-1900 and has been meticulously redeveloped and restored by Orion into an asset that adheres to the expected standards of modern-day prime office space. As part of the redevelopment, Orion retained the elegant sandstone façade which was a striking feature of the original building.  

Other notable office investments made by Orion Capital Managers include:  

• 100 New Bridge Street, London: In 2024, An Orion-managed vehicle entered a JV with Helical plc, investing £55m on a preferred equity basis. The asset, which will deliver 194,000 sq ft of best-in-class office space, was forward-sold for £333m in 2025. Completion is expected in 2026.   
• Panorama St. Paul’s, London: Formerly BT’s headquarters, this 592,000 sq ft office was extensively refurbished by Orion Fund V and is 100% let to HSBC. The building achieved practical completion in Q1 2025, reusing 70% of the existing structure, will also feature a public LED art installation in partnership with the Barbican.   
• Park West, Milan: A 35,000 sqm sustainable office development situated in a supply-constrained submarket in the southwest of the city.  The building was substantially pre-let at completion on long term leases to major international tenants, with the balance in late-stage negotiation. The development is rated LEED Certification platinum and recently secured a Green Loan from Société Générale. 
• Oriente Green Campus, Lisbon: A 41,000 sqm horizontal office development converted from a former shopping centre while retaining 91% of the original structure. The asset was completed in May 2025 and is substantially pre-let, anchored by an accredited university on a 20-year lease. It is LEED Platinum and WELL Platinum certified, with a biophilic design by KPF and Saraiva + Associados.   

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