LJMU exchanges contracts on Exchange Station office
Liverpool John Moores University has agreed to take a 10-year lease on 58,000 sq ft in Exchange Station, the largest office letting in the city since 2014.
The deal will see the relocation of 400 employees across LJMU’s management, finance and HR function from LJMU Tower in Norton Street, and Kingsway House.
The university will take over almost a third of the 190,000 sq ft building across four floors. Other Exchange Station tenants include Randstad Recruitment, Handelsbanken, Mouchel, Active Profile and Bermans.
Commercial Estates Group and Anglo Scandinavian Estates are the joint venture owners of Exchange Station, which was acquired in March. A £7m phased refurbishment is currently underway.
The deal is the largest office letting since Liverpool City Council took 85,000 sq ft in the Cunard building in 2014.
Colin Davies, director of estate management at LJMU, said: “Our professional service teams currently operate across multiple sites in the city, and so moving the services into one city centre location will create greater synergies between separate departments and provide the staff with excellent, high quality office accommodation in one of the city’s premier locations.”
Antonia Martin Wright, head of investment at Commercial Estates Group, said: “The University’s decision to relocate its operations means that the scheme will be 65% occupied and with further deals to be announced shortly, we are confident that Exchange Station will be fully let in the coming months.”
Hitchcock Wright & Partners and Bilfinger GVA are joint agents at Exchange Station. In House Estates represented LJMU.
Quoting rent in the office is £15/sq ft.