One Hardman Boulevard, Parthena Reys, p Space PR

NatWest paid £293m for the office in 2021. Credit: Place North West

Parthena Reys acquires One Hardman Boulevard

NatWest has sold the 365,000 sq ft Manchester office for an undisclosed sum. The Luxembourg-based private equity firm plans to refurbish and reposition the Spinningfields building next year.

Parthena Reys, advised by CBRE, has seemingly come out of nowhere to acquire One Hardman Boulevard.

In the summer, NatWest was understood to be considering offers of around £70m for the building, which it vacated in autumn as part of its decision to consolidate into 150,000 sq ft One Spinningfields Square.

At that time, market sources claimed two bidders were battling it out for the building – Lincoln Property Group and a partnership between Apollo Global Management and Allied London, the company that developed Spinningfields.

Other bidders rumoured to have been in the running include Royal London and Axa but it is Parthena that has come out on top.

Will Kennon, executive director in CBRE’s investment properties team, said: “This acquisition represents a strategic, counter-cyclical investment by our client, acquiring a Grade A building in the heart of Spinningfields, with a business plan to release newly refurbished workspace back into a supply starved market in 2025.

“With new build development unviable at rents of below £50/ sq ft, we are expecting existing best-in-class assets to experience strong growth over the next 12-24 months and look forward to working with our client on the repositioning and leasing strategy.”

Addleshaw Goddard advised on the legals for Parthena Reys, with Cushman & Wakefield and DLA Piper advising NWG.

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