National law firm TLT has decided to stay in its Bristol headquarters building, signing a new 10-year lease and kick-starting a major expansion and refurbishment scheme for the landmark One Redcliff Street city centre office block.
TLT, which will occupy around 90,000 sq ft on the top floors of One Redcliff Street, had been linked with a move to a number of new flagship office schemes around Bristol over the past couple of years. 
Instead it has negotiated a new lease. Work will now start on the 1960s-built, 14-floor building including installing a new top-floor client suite for TLT, providing unrivalled views across the city. The firm occupies six floors in the building.
The deal to keep TLT at One Redcliff Street, negotiated by agents Colliers International, is among the largest single office letting of recent years.
Managing partner David Pester said: “It’s exciting to be involved with this major refurbishment of a landmark city centre building. When complete, it will deliver an exceptional collaborative working environment for our people and a great work and meeting space for our clients.
“We have grown in number across the UK by nearly 40% in the last three years, hitting 1000 people at the end of 2015. Taking on additional space at our head office shows our commitment to continuing this growth, building on office expansion in Belfast and Manchester last year and Glasgow in 2014.”
The refit will also target improvements to the building’s sustainability credentials with rooftop solar panels, bespoke secondary glazing, LED lighting and improved temperature control through out. Improved facilities for cyclists will include additional cycle parking facilities and a suite of new shower and changing facilities in the basement.
Alder King head of agency Simon Price, who represented TLT in the transaction, said: “Having undertaken a comprehensive assessment of all of the options available in the market we are delighted to have agreed this acquisition which will result in the building being transformed to meet TLT’s requirement for top quality space.”
JLL Project Management is appointed to lead the extension and refurbishment of One Redcliff Street, which is managed by Aberdeen Asset Management (AAM).
JLL director Andrew Williams commented: “The highlight of the scheme is a roof-top extension, a major engineering feat adding 10,000 sq ft floorspace offering panoramic views of the city.
“The office floors will also be refurbished on a phased basis along with the main reception and common parts whilst the building remains occupied throughout; and the central plant and infrastructure upgraded to improve the EPC and sustainability credentials of the property. TLT has an option for Aberdeen to deliver their fit out as part of a turnkey refurbishment arrangement.”
Stephen Lane of AAM commented: “We have worked closely with TLT to devise a scheme which meets their needs and will transform this iconic building. We are long term investors in the City and this demonstrates our commitment to enhance and upgrade our buildings wherever we can.”
Stephen Lipfriend of Colliers International said: “The deal will see a major refurbishment of the interior and exterior of the building.
“This will include a new entrance from Victoria Street, a newly refitted reception, upgraded security and new lifts. The exterior of the building will be cleaned and windows upgraded and the paving and signage will also be replaced and upgraded.
“I am delighted that TLT have committed to the building until 2028 and this deal has enabled our client to undertake a major refurbishment and extension to bring One Redcliff Street in to the 21st Century.”
Stephen Lipfriend of Colliers International was jointly instructed by Aberdeen Asset Management with Philip Morton of CBRE. Alder King represented TLT.
One Redcliff Street was built in 1964 as the headquarters of paper and packaging manufacturer Robinsons. At the time it was Bristol’s tallest building and was roundly criticised for its stark concrete facade and the fact it towered over the nearby historic buildings in Redcliffe and Castle Park.
The building, still one of the city’s tallest structures, is now owned by SWIP (Scottish Widows Investment Partnership). Other tenants including accountants Milsted Langdon, software group SmartFocus, and Amey Rail.
