Cushwake markets Manchester offices to enable downsize

Cushman & Wakefield is marketing both of its offices in Manchester with an intention of keeping its operation in the city at either the Zenith Building in Spring Gardens or The Pinnacle in King Street.

In a statement released today, Tony Bray, head of C&W's Manchester office, said: "In response to deteriorating market conditions and our associated restructuring, we are currently leasing more space in Manchester than we are likely to need over the next five years.

"In the best interests of our own staff, and our clients, a positive decision has been taken to reduce our own occupational costs and to potentially relocate from the Zenith Building back to The Pinnacle. As a result we are marketing both suites for immediate sub letting/assignment."

"We intend to stay fully operational in Manchester providing a full range of best in class services, and our long term plan is to expand our business over the next 5 to 10 years."

Cushman & Wakefield currently occupies 5,126 sq ft of the Zenith Building at 26 Spring Gardens, and has a lease on the property until 2020, which was secured early in 2008.

In a paper brochure handed to agents in the city recently, C&W are offering floor space at £25-£35/sq ft until its lease ends in 2020.

Speaking on why C&W moved into the Zenith building originally, Bray commented: "At that point we were in expansionary mode and no one could have expected the extent of this downturn and the subsequent impact on our business."

C&W has 26 employed in Manchester and recently consulted staff in several departments over redundancies. The national agency opened in the city in 2005.

Cushman & Wakefield made 80 staff redundant across the UK business in February this year.

The total size of the suite at The Pinnacle building being marketed by Cushman & Wakefield is 2,640 sq ft.