The real estate investment manager has exchanged contracts to buy 101 Barbirolli Square in Manchester city centre from Aberdeen Asset Management for around £32m.
101 Barbirolli Square was acquired by Aberdeen Asset Management in 2011 from Hermes for £30m. The six-storey, 83,700 sq ft building is let to financial advisor PwC and law firm DLA Piper until 2017, although both companies are in the process of relocating.
DLA Piper is set to move into a 45,000 sq ft office in Argent’s One St Peter’s Square, while PwC has agreed a 50,000 sq ft pre-let in Allied London’s No.1 Spinningfields which is currently under construction.
101 Barbirolli’s neighbouring office, the 140,000 sq ft 100 Barbirolli Square, was sold by Aberdeen Asset Management in 2013 to Moorfield Real Estate and Oaktree Capital Management for £41m.
Savills represented AEW. CBRE acted for Aberdeen Asset Management.