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News Release

Manchester

JLL advises Invesco Real Estate on £55m disposal of One New York Street

City Centre office building acquired by The Royal London Pension Property Fund


MANCHESTER, DECEMBER 2017 – The Manchester Capital Markets team at JLL has advised Invesco Real Estate, the global real estate investment manager, on the sale of One New York Street to The Royal London Pension Property Fund.

One New York Street comprises 113,256 sq ft of Grade A accommodation split across 13 levels, in addition to two floors of basement car parking.

The building was designed by Denton Corker Marshall and completed in 2009. Its eleven occupiers include Marks & Clerk LLP, AECOM and Turley Associates, with The Alchemist occupying a ground floor pub/restaurant unit.

JLL represented Invesco Real Estate in the sale while The Royal London Pension Property Fund was represented by Ryden LLP.

James Porteous, Capital Markets Director at JLL in Manchester said: "The city centre office investment market has been particularly active this year with over £600m already transacted and JLL have been fortunate to be involved in many these transactions.  It's extremely likely that total volumes for 2017 look set to exceed last year's total of £642 but will be some way off the stellar year of 2014 which saw over a £1 billion sold.  There has been a definite trend this year towards off market deals and the city attracting equity from overseas investors."

Alasdair Munn at Ryden LLP in London comments: "The property will be a positive addition to Royal London`s growing portfolio of modern, multi let offices located in the the UK`s premier cities where value can be added not only by selective asset selection but also through active asset management "