Insurer tipped for Piccadilly Place move

Insurance giant Royal & Sun Alliance is in talks with Carlyle Group and Argent to take 61,000 sq ft of office space over four floors at 3 Piccadilly Place in central Manchester.

R&SA is currently based in two buildings on York Street and Fountain Street. Three Piccadilly Place, designed by Austin-Smith:Lord, totals 200,000 sq ft and is already home to serviced office company Orega, EC Harris, NHS, Insolvency Service and Weightmans Solicitors.

It is understood R&SA is paying £25/sq ft on a 10-year lease. Current rent-free periods are typically two to three years.

If completed the deal would leave only 7,500 sq ft on the fifth floor available to let at 3 Piccadilly Place.

GVA Grimley and Savills are agents on Piccadilly Place. Spring 4 advise Royal & Sun Alliance.

All parties declined to comment.