Piccadilly Place under offer to Longmead
US alternative asset manager Ares Management is nearing a deal to sell the 320,000 sq ft Manchester office building for a price in the region of £150m.
Advanced talks are ongoing with Longmead Capital, a real estate investor that manages funds on behalf of family offices and high net-worth individuals.
The off-market sale is believed to be some months away from completion, however, with further negotiations and due diligence required in a challenging market.
Ares acquired Piccadilly Place in Manchester city centre from Carlyle Group for around £117m in 2016.
The asset is made up of Three and Four Piccadilly Place, which provide office and retail space, plus a three-storey basement car park.
The complex is fully let to occupiers including Barclays Bank, the NHS, Arup and serviced office provider Orega as the main tenants.
OBI and CBRE are the lettings agents for the building, while CBRE is also acting as investment advisor for Ares on the proposed sale. The property, which was never formally put on the market, is managed by Property Alliance Group.
London-based Longmead’s portfolio features other North West assets, including the 106,000 sq ft Trident Business Park near Manchester Airport.
