BNY in talks to buy its Manchester HQ
The Bank of New York signed a 15-year lease on the entirety of 4 Angel Square earlier this year and is now in discussions with Federated Hermes to buy the 200,000 sq ft asset, which is on the market for £120m.
BNY Mellon is understood to be the frontrunner for the building, emerging from a shallow pool of potential buyers given continued uncertainty about the office market among institutional investors.
BNY was contacted for comment and Federated Hermes declined to comment.
The NOMA block was brought to market at £120m, with a net initial yield of 6.5%, in October.
Developed by MEPC and designed by SimpsonHaugh, the 11-storey 4 Angel Square was completed by Bowmer + Kirkland in 2023.
In September, American bank BNY Mellon moved in, becoming the sole occupier of the office block.
Savills is the sole agent selling the property, while Colliers, JLL, and LTL Property are the leasing agents for 4 Angel Square.
This of course is the same BNY relocating 250 of its Liverpool based jobs to Manchester as the brain drain continues.
By Anonymous
They are still doing the fit out so I don’t think they’ve ‘moved in’ yet!
By Digbuth O'Hooligan