Schroders sets City Tower strategy in motion with first deal7th August 2014
Schroders has secured its first letting at City Tower since acquiring the landmark three acre mixed-use island site from Bruntwood in May this year. The University of Law, which currently occupies 22,000 sq ft on the fourth floor of 2 New York Street, is furthering its commitment to the scheme as it takes an additional 15,500 sq ft on a new 15 year lease.
The mixed use scheme is made up of the 30-storey City Tower which provides 216,520 sq ft of Grade A office space, the highest office space outside of London; 2 New York Street, a self-contained office block totalling 37,414 sq ft; 23 modern retail and leisure units totalling 67,922 sq ft; a 280 bed four star Mecure Hotel; and, a 456-space car park with cycle hub.
On the letting, Tom Newman, Investment Manager for Schroders, said: “It is great to see the University of Law further demonstrating its commitment to the scheme by taking additional space at 2 New York Street. City Tower represents a long terms investment for Schroders in Manchester and the University of Law forms part of that as we look to build on our strategy to further improve and enhance the offer.
“We look forward to continuing to work closely with our consultants and the existing tenants, of which there are over 100, as we work to protect and build upon City Tower’s legacy as one Manchester’s most iconic commercial landmarks.” Colliers International advised Schroders on the deal.