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Third tenant for The Beam Asset 55

Third new tenant set to move into The Beam

Sunderland’s flagship office development The Beam is almost fully let, after revealing it has secured its third tenant.

Asset55, a South Tyneside-based technology company, that provides software and supporting consultancy to the global oil and gas market, has signed a 10-year lease to take 11,000sq ft of first floor space, bringing 30 new jobs to Sunderland. 

Fit-out of the firm’s new office is currently underway and it is expected that the business will move in in April.  It has plans to add 30 additional members of staff, as it continues to grow. The deal to move into The Beam was brokered by site agent Knight Frank.

David Frame, CEO of Asset55, which helps clients improve safety outcomes, ensure operational quality, and enable project build schedules to be significantly reduced, said: “We operate all over the world and I’m delighted to say we’ll be doing so from our new headquarters here in Sunderland.

“We’ve taken close to 11,000 sq ft in The Beam to support our growth and provide the strongest base for our team. We spent a long time looking across the entire North East for our new HQ and The Beam stood head and shoulders above all else. The environment and design is perfect for a company of our kind and the plans that Sunderland City Council have for the site as a whole were a major bonus.”

The firm, currently based in Hebburn, works with the majority of the top 20 global oil and gas operators, as well as major EPC’s and leading service providers.

Mr Frame added: “It was obvious to me from the outset that Sunderland City Council understood our needs and ambitions, and I’m delighted they were so keen to bring us into the city.”

Asset55 follows online grocery business Ocado and growing training and health and safety business Penshaw View into The Beam. The building completed less than a year ago and has been hailed as the flagship that attracted the attention of Legal & General, who confirmed in November that they will be investing £100m in Riverside Sunderland, the former Vaux brewery site. 

Councillor Graeme Miller, leader of Sunderland City Council, said: “We knew that The Beam was a hotly-anticipated addition to the region’s property market, and the success it has seen really does vindicate the council’s decision to invest in it, to stimulate regeneration that would transform the riverside area.

“Sunderland is delighted to welcome Asset55 to its vibrant business community, and we look forward to supporting the company as it continues on its upward trajectory in the city.”

The Beam’s latest tenant means the centre is already on course to house 400 business-people.  With construction of City Hall now underway on the Riverside Sunderland site, this emerging new city centre district will soon be the base of more than 2,000 office-based workers.

Among other exciting new city centre developments is a 120-room Holiday Inn hotel on Keel Square; a 450-seater auditorium, that is now under construction in the city’s Minster Quarter; renewal of historic buildings, like the transformation of Mackies Corner, the Elephant Tearooms and the River Wear Commissioners Building as well as announcements in Seaburn of a STACK development and a pub with rooms from the Inn Collection Group.