Bruntwood has sold the 61,400 sq ft block on the corner of Deansgate and Quay Street in Manchester city centre to Credit Suisse for £12.25m and is being retained as developer for an internal and external refurbishment.
The three ground floor retail units in Overseas House are occupied by Tesco, Sainsbury's and Starbucks, while the 52,100 sq ft of offices on the six upper floors are vacant.
Bruntwood announced a refurbishment of the building in 2013, with Sheppard Robson appointed to deliver a "New York feel" scheme called Deansgate&Quay with a basketball court and open-plan floor plates. The designs were granted planning permission. Bruntwood then appointed Bridge Architects to take the plans forward.
Bridge Architects will start on site in the coming weeks to redevelop and rebrand Overseas House into Cornerblock.
Cushman & Wakefield advised Credit Suisse. Matt Stretton, partner at Cushman & Wakefield, said: "Following the recently completed acquisitions of 44 Peter Street and 19 Spring Gardens, this is the third deal that we have completed for Credit Suisse in Manchester city centre this year. Investor interest in Manchester remains strong and Credit Suisse recognised the potential that Overseas House offered with the opportunity to increase the long term value of the building."
Bridge Architects designed the refurbishment of Bruntwood's York House in York Street, which is due to complete later this month.