Investor and regeneration specialist Oval Real Estate has acquired the 18-storey office block from Mapeley.
The 157,000 sq ft Albert Bridge House is located close to Spinningfields and falls within the St Mary’s Parsonage strategic regeneration framework.
The framework states the building could be demolished to make way for a “large-floorplated” office or hotel.
However, new owner Oval is ruling nothing out when it comes to the redevelopment of the Bridge Street site, which it acquired for between £25m and £30m.
“All options are on the table in terms of design, future use, existing use and the [existing] building,” James Craig, co-founder of Oval, told Place North West.
“We are delighted to be back in Manchester and we are looking forward to working with the council to develop something fantastic that Manchester can be proud of.”
Elsewhere, Oval is delivering a 46-acre masterplan in Digbeth. The scheme features 2.2m sq ft of commercial space and 1,850 homes.
Albert Bridge House is occupied by the Manchester Centre for Health & Disability Assessments and HMRC.
The tenant is due to relocate from the 1950s block by 2022 to nearby Three New Bailey, which is to become a hub for public sector staff.
Jonathan Mills of Metis Real Estate acted for Mapeley and Will Kennon of CBRE acted for Oval.