Muckle supports px Group in landmark office move
Our award-winning real estate team recently supported px in negotiating the terms of its lease for its new headquarters.
Energy and industrial infrastructure business px has relocated to Boaz House, the former Barclaycard site at Teesdale Business Park, just a short distance from its original office. The move sees px take up over 30,000 sq ft of flexible office space, increasing its previous floorspace by 114%, and sign a 10-year lease.
Energised growth
For over 25 years, px has delivered cutting-edge management solutions for a range of specialisms within the energy sector, including electricity and gas. It also operates and maintains some of the UK’s largest industrial facilities.
The office move reflects px’s ongoing growth and success; in the last financial year, px won several significant contracts and reported an 11% increase in turnover.
px has also expanded internationally and announced plans for expansion in the United States.
Despite this worldwide growth, px has not forgotten its roots as a Teesside business, having been incorporated in Stockton in 2002 and operating out of the region since then.
By relocating to a larger office but remaining in Teesside, px is enhancing local employment opportunities, retaining local talent, and ultimately demonstrating its commitment and belief in Teesside’s industrial future.
Specialist local advice
Our real estate team at Muckle has acted for px Limited in negotiating and completing the new lease, as well as several associated documents relating to the site’s development, supported by our wider team. Carolyn McKay, senior associate, was the lead adviser to px.
In previous years, our corporate finance team has supported px with several major transactions. As a firm, we’re no strangers to Teesside developments, having significantly expanded our presence in the region over the last year.
Carolyn said: “Like Muckle, px has been active in Teesside for many years, and it was a pleasure to support such a strong regional business on this significant milestone. The office move both strengthens px’s future and reinforces the region’s industrial growth. We are looking forward to seeing px thrive and continue to grow.”
Dan Weatherill, chief legal officer at px Group, said: “The team at Muckle provided us with straightforward and knowledgeable advice, often to very tight deadlines. Working with Muckle seemed the obvious choice – the firm shares our values and understanding of the Tees Valley region – and we would not hesitate to work with them again.”
Learn more about our real estate and corporate finance teams.