German property firm IVG Institutional Funds said refurbishment of 40 Torphichen Street will deliver 54,369 sq ft of Grade A open plan office space over six floors.

The building was formerly home to global investment manager Blackrock, who relocated to Exchange Place in 2013, taking 80,000 sq ft at Exchange Place 1.

Nick Taylor, senior asset manager at IVG, said: “We are delighted to confirm that we are on-site and a comprehensive refurbishment of 40 Torphichen Street is underway. The building represents a good opportunity to secure highly competitive, office space in the City’s core business district with new high quality finishes throughout. There is an option to acquire the best floors in the building and combine fit out works with refurbishment offering significant cost savings on the bottom line.”

The refurbishment has been designed by Michael Laird Architects while Robertson Group has been appointed as the contractor.

The work is expected to be complete in November.