Bank of New York Mellon expands into Spinningfields

The Bank of New York Mellon has chosen Allied London's 3 Hardman Street for its 50,000 sq ft expansion within Manchester city centre, paving the way for 400 new jobs.

The coveted requirement involved a contest between several developer's Grade A offices; Langtree Group's 100,000 sq ft 40 Spring Gardens; Wilson Bowden's 103,000 sq ft Belvedere, Booth Street; and Argent's 200,000 sq ft Three Piccadilly Place.

The deal maintains 3 Hardman Street's strong momentum, the past six months seeing deals completed with law firm Pinsents, serviced office provider Regus and London Scottish Bank.

BoNY Mellon's European headquarters arrived in Manchester in late 2005 amid great and prolonged fanfare and now employs 800 people in Argent's One Piccadilly Gardens.

Jackie Williams, managing director of the Bank of New York Mellon, said: "Manchester has proven itself as an ideal location to support our rapid growth and it has become a major success story for our global operations in just over two and a half years.

"In addition to the quality of the city's infrastructure, the availability of talented individuals has allowed us to quickly build an 800-strong highly motivated and committed team which is delivering the exceptional client service which is the bedrock of the organisation's success.

"Taking 50,000 sq ft at 3 Hardman Street will ensure we have the additional capacity to continue building our operations here in Manchester and signifies the continuing global expansion of The Bank of New York Mellon."

At 390,000 sq ft, 3 Hardman Street is due for completion in autumn 2008. Heads of terms are being finalised with the American bank and solicitors have been instructed on the 50,000 sq ft letting.

Mike Ingall, chief executive of Allied London, added: "Spinningfields is providing Manchester with leverage into the international business community. Clearly we are very pleased that the Bank of New York Mellon has chosen Spinningfields and 3 Hardman Street. This is further endorsement of Spinningfields' role as an international business centre as well as recognition of the premium standards built into 3 Hardman Street specifically to meet the needs of global institutions like the bank.

"Spinningfields is founded on a design and sustainability agenda, and a commitment to deliver a place of international stature. Allied London will continue to deliver real estate to this agenda so that Manchester can compete internationally, allowing companies to attract and retain the smart people, and themselves succeed with their own development plans."

Colin Sinclair, chief executive of Midas, Manchester's inward investment agency, said: "We are delighted that the assistance that the city council and Midas have provided has now culminated in this significant new investment in Manchester.

"The announcement of the organisation's expansion proves that despite the turmoil in the financial markets, Manchester continues to show its resilience and quality as a European growth centre and is more evidence of the city region's strength in the financial and professional services sector."

DTZ and Jones Lang LaSalle are letting agents on Spinningfields. Savills is retained by BoNY Mellon.

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