RPG seals £35m Manchester office buy

Aviva has agreed a deal to sell the 160,000 sq ft 11 Portland Street to the company that emerged in the wake of CEG’s collapse.

Place North West understands RPG will acquire the Manchester office for close to the £35m Aviva was looking for when it first put the asset up for sale in 2024.

RPG was set up earlier this year and acquired some of CEG’s assets when the business entered administration. The company is headed up by Matt Farrell, CEG’s former chief executive.

Aviva has owned the building for 25 years and undertook a comprehensive refurb in 2017.

Bank of Scotland, part of Lloyds Group, is the anchor tenant at 11 Portland Street, occupying five floors totaling 95,000 sq ft.

Microchip designer Arm recently vacated the building, leading 30,000 sq ft available. Arm moved to 69,000 sq ft at No1 St Michael’s.

The 11 Portland Street deal will be the second large office investment on the street this year after Midos acquired One Portland Street from M&G.

CBRE advised the vendors on both deals. JLL advised RPG on the 11 Portland Street deal.