Royal Exchange November 2016

Clyde & Co poised on Royal Exchange deal

Jessica Middleton-Pugh

Law firm Clyde & Co is understood to be close to agreeing a major expansion of its Manchester presence, taking the remaining 80,000 sq ft within the Royal Exchange where it already occupies 11,000 sq ft.

Clyde & Co moved 50 staff into the Royal Exchange in 2015, while keeping a 30,800 sq ft office in Chancery Place.

The practice has nearly 400 employees in Manchester, largely acquired after its merger with Barlow Lyde & Gilbert in 2013, which in turn had bought out part of Halliwells.

The deal at the Royal Exchange is understood to be additional space in the city for the firm, which at this stage is expected to retain its Chancery Place presence after negotiating a rent review in autumn 2016.

Overall, the Royal Exchange occupies a 280,000 sq ft grade-two listed island block, 120,000 sq ft of which is offices. The building was recently bought by real investment firm Hines for £85m, representing a major profit for vendor Trinistar, which had purchased the asset two years previously for £45m. A deal with Clyde & Co would take the offices to fully let.

Under Trinistar’s ownership, the building saw a £15m refurbishment, including a revamp of the façade and a refit of the Northern offices.

Clyde & Co is advised by Cushman & Wakefield, while Canning O’Neill is the office agent for the Royal Exchange. All parties declined or were unavailable to comment.

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I think Savills are the joint letting agent

By Jimmy

Shows the lack of good quality refurbishment options that Clyde & Co are having to consider such an inefficient building. Beautiful as it is, not a large professional services building.

By JKay

Or how ‘budget conscious’ Clyde &Co. are.

By Keith Smedley

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