BT commits to 4 New Bailey in Salford
JLL advises on one of the largest regional office lettings of 2020.
BT, advised by JLL, is to relocate to 4 New Bailey in Salford in a property deal that sees the telecommunications company take 175,000 sq ft of offices on a 20-year lease from English Cities Fund.
The deal, which is the largest single office letting in the North West so far this year will see BT occupy the entire building comprising the ground floor and an additional 10-storeys. BT plans to move colleagues into New Bailey from late 2023.
Chris Mulcahy director at JLL who acquired on behalf BT, added: “This is a real confidence boost for the city, for jobs and the office market generally, for such a major occupier committing for so much space. It is great news to get this over the line particularly at this time. This letting is set to be one of the largest office deals in the UK regions this year.”
Designed by Make Architects, the architectural practice behind the iconic Three New Bailey, Four New Bailey will boast its own unique design with an exposed lattice frame, unlike any other development in the city.
Phil Mayall, regional director at The English Cities Fund, said: “This announcement has been many months in the making and we’ve been busy behind the scenes making sure that Four New Bailey will address BT’s needs, while also becoming one of the most visually striking commercial developments in the city. It’s a highly competitive market, so we need to make sure we continue to do everything we can to accommodate future occupiers with their changing requirements.
New Bailey is being delivered by The English Cities Fund, a joint venture between Muse Developments, Legal & General and Homes England. The joint venture partnership is currently delivering some of the most complex and most successful urban regeneration projects across the UK. Following the fund’s expansion in 2018, it continues to take on large-scale, challenging sites and create inspiring new places.
Construction work is expected to start on site at Four New Bailey later in the year.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.