BNY takes entirety of Manchester’s 4 Angel Square
MEPC will let 200,000 sq ft of office space to global financial services group Bank of New York Mellon Corporation, the oldest bank in the United States.
MEPC’s 4 Angel Square is part of Manchester’s NOMA area, which has recently become a hotspot for high-valued companies to set up offices with Amazon and The Co-op both in the neighbourhood.
BNY’s move is being considered as the largest regional ‘Big 6’ city deal for four years, according to JLL lettings data.
The lease agreement is understood to be towards the top end of the market. In Manchester, the current headline rate is around £44/sq ft.
Movement of staff to the office is expected to take until 2026, with the Manchester team arriving from two different locations: 3 Hardman Street in Spinningfields and One Piccadilly Gardens.
BNY will be the only occupier of 4 Angel Square, an 11-storey, net zero operational building.
The office boasts several strong energy efficiency ratings, including a NABERS five-star design for performance target rating and BREEAM Oustanding, as well as highly connected internet and satellite services.
Sean Turner, Manchester site executive at BNY, said that the city was a “key location” for the bank.
“Our high-performing teams will come together in a prime city centre office, providing a state-of-the-art environment that enhances client experience, culture, collaboration, and innovation,” he said.
Mayor of Greater Manchester Andy Burnham described the letting as “a major investment” for the city region.
“It shows we have the connectivity, liveability, and access to talent to attract big international companies, bringing more jobs and opportunities for Greater Manchester residents,” Burnham said.
MEPC’s Nontokozo Mnisi, Manchester City Council’s Becca Heron, Colliers’ Peter Gallagher, BNY’s Nikki O’Sullivan, MEPC’s Dan Hyde, Paul Pavia, and Dominique Murray gathered to celebrate the lease signing. Credit: Jason Lock
Peter Gallagher, who works with the national offices & development team at Colliers, acted on behalf of MEPC and called the letting a “significant wake-up call” for the market.
Gallagher said: “Manchester leads the regional ‘Big 6’ in average inward investment take-up for a reason – it has always offered large corporate occupiers plenty of options.
“However, that dynamic could be about to shift as we predict a scramble for what remaining space there is left in the city.”
Chris Mulcahy, director at JLL acted for BNY and said: “Being able to acquire the whole of 4 Angel Square was a very rare opportunity that could not be missed and it’s down to the collaborative approach taken by the parties that made this happen.”
“Occupiers will need to start planning much earlier than they have become accustomed to,” he added.
Expect more news to come from NOMA in the coming months.
Commercial director at MEPC Paul Pavia said: “With planning consent already in place for 2 and 3 Angel Square – the next two office buildings – NOMA is entering a new period of growth, as underlined by this landmark letting agreement, and we look forward to the future with confidence.”
