Drum Property Group has a 103,000 sq ft office letting to CB&I’s Asset Solutions business at its newly acquired Caledonia House in Aberdeen.
CBI’s new base at Caledonia House, Prime Four Business Park in Aberdeen
CB&I, formerly Petrofac, has taken the grade-A office complex at Prime Four Business Park on a 10-year lease.
It will move its Aberdeen operations to the building in Q4, leaving its current base at Bridge View in central Aberdeen.
The office leasing deal, the city’s largest since 2017, was completed simultaneously with Drum’s re-acquisition of the building. Drum developed Caledonia House as part of the first phase of the Prime Four masterplan, but sold the asset in 2012.
Caledonia House is currently occupied by US oil firm Apache North Sea, which is set to leave the premises at the end of August as it ceases production and exits the UK North Sea market by the end of 2029.
Graeme Bone, group managing director of Drum, said: “Bringing Caledonia House back into our ownership and securing CB&I Asset Solutions on a long-term lease reflects a belief in the long-term fundamentals of the market, as well as the continued attractiveness of well-located, high-quality office space at such a strategic location.
“Aberdeen continues to show resilience and opportunity as a regional economic centre and Prime Four remains a flagship development for Drum.”
CB&I said its decision to relocate followed a comprehensive review of its accommodation at Bridge View, which had identified Prime Four as offering significant cost-effectiveness and workspace advantages.
John Pearson, chief operating officer of CB&I Asset Solutions, added: “The relocation to our new premises signifies a transformative step forward for the organisation, delivering meaningful financial efficiencies while offering state-of-the-art amenities.
“These enhancements are designed to foster a more collaborative and fulfilling working environment, empowering our team to achieve their highest potential.”
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