Schroder Real Estate Investment Management (“Schroders”) has agreed a new 10-year lease with Ashfield Healthcare Communications at City Tower, Manchester.
One of the world’s largest agency networks in healthcare communications has taken 9,059 sq. ft. of space across the entire seventh floor of City Tower.
Rob Cosslett, Investment Manager for Schroders, said:
“This deal highlights the success of the developing offer at City Tower.
“The fact that the space is continuing to attract tenants of this calibre with large requirements is testament to City Tower’s enduring appeal, even in a turbulent market. We look forward to continuing to develop and enhance our occupier offering.”
Andrew Davidson for Ashfield Healthcare Communications said:
“Manchester as a city is integral to our future growth plans given its deep scientific and creative talent pool and we’re looking forward to moving in in the coming months as we continue to ramp up operations.”
“We were impressed with City Tower’s ‘vertical village’ feel, and the amenity on offer in the building made it a natural choice for us to relocate our growing Manchester city centre operations to. “
A pre-emption deal has been signed to allow for further expansion in the building in the coming months, with the 10-year lease including a five-year break.
Schroders has also agreed a new deal with existing tenant, Sonoco Limited. The global packaging solutions provider will occupy additional space within City Tower upsizing to a 1,979 sq ft. suite on the 26th floor of the building.
Schroders completed a major refurbishment of City Tower in 2017, delivering 36,400 sq. ft. of Grade A office space across four floors, and repositioning the ground floor reception and lift lobbies throughout the building.
The firm also launched a City Tower portal for all residents, which unlocks exclusive offers at a selection of Manchester’s most exclusive hospitality venue as part of their increased commitment to tenant engagement.
OBI and Cushman and Wakefield acted as joint leasing agents on the deal.
City Tower is owned in a joint venture held between Schroder Real Estate Investment Trust, the actively managed UK REIT, Schroder UK Real Estate Fund and Immobilien Europa Direkt.
