(LONDON) – Hines, the international real estate firm, has secured an 80,000-square-foot office lease at the Royal Exchange, Manchester. International law firm Clyde & Co has agreed to lease 69,000 square feet of new space in addition to extending its lease on the 11,000 square feet it currently occupies.
There are 121,000 square feet of office space in total which has undergone a major refurbishment. The space forms part of the Royal Exchange alongside the 700-seat theatre and 81,000 square feet of retail and leisure space.
The development was acquired by Hines in November 2016 on behalf of Bayerische Versorgungskammer (BVK), Germany’s largest pension scheme group, as part of its €1.3 Billion European high-street retail mandate.
The lease to Clyde & Co leaves just 14,000 square feet of office space unoccupied, which Hines expects to lease imminently.
Jake Walsh, Director, Hines UK, said: “We are delighted to expand Clyde & Co’s presence in the Royal Exchange. It is a testament to the investment and improvements that have been undertaken to the building as we work with our office and retail tenants to restore the building to its former glory.”
David Wynn, Partner at Clyde & Co, says: "Our Manchester office is an increasingly important part of Clyde & Co's global network of nearly 50 offices worldwide. Expanding our presence and centralising our teams in this iconic central Manchester building will give us a modern office environment to operate in and support our continued growth in the City."
Savills and Canning O’Neil advised Hines, with Cushman & Wakefield acting for Clyde & Co.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines had grown its European platform to include a presence in 42 cities in 11 countries and Hines Europe currently has €13.4 billion of assets under management in Denmark, France, Germany, Greece, Ireland, Italy, Norway, Spain and the United Kingdom. Visit www.hines.com for more information.