Carlyle offloads Piccadilly Place offices

A joint venture between Ares Management and Property Alliance Group is set to buy Carlyle Group’s 300,000 sq ft office complex at Piccadilly Place, Manchester, at around the asking price of £117m.

The asset is made up of Three and Four Piccadilly Place, and a three-storey basement car park.

Carlyle bought the wider complex from Argent in 2007 for around £90m and funded the development of Four Piccadilly Place.

According to a statement from Carlyle at the time the buildings were put up for sale last year, Three Piccadilly Place was fully let and Four Piccadilly Place was 75% let.

Tenants include NuGen, Weightmans, Barclays, NHS, EC Harris, Arup, Orega and Egencia.

Alliance will asset manage the buildings on behalf of Ares. Ares and Alliance are also in a joint venture partnership on the Trident business park at Manchester Airport.

Ares was unrepresented, while Bilfinger GVA and CBRE acted for Carlyle.

All parties declined or were unavailable to comment.