Schroders lets 9,000 sq ft at City Tower

A global healthcare communications firm has signed a 10-lease to occupy the seventh floor of the Manchester building, with an option to expand further in the coming months.

Asset manager Schroder Real Estate Investment Management, which owns City Tower on New York Street in a joint venture with real estate investment trust Schroder UK Real Estate Fund and Germany’s Immobilien Europa Direkt, agreed the 9,059 sq ft deal with Ashfield Healthcare Communications, one of the world’s largest agency networks in health communications.

The lease has a five-year break. OBI and Cushman and Wakefield were the joint leasing agents on the deal.

Rob Cosslett, investment manager at Schroders, said: “The fact that the space is continuing to attract tenants of this calibre with large requirements is testament to City Tower’s enduring appeal, even in a turbulent market.

“We are continuing to develop and enhance our occupier offering.”

Andrew Davidson, director at Ashfield Healthcare Communications, which set up its current office at 1 New York Street, opposite City Tower, in 2018, added: “Manchester as a city is integral to our future growth plans given its deep scientific and creative talent pool and we’re looking forward to moving in in the coming months as we continue to ramp up operations.”

Schroders completed a refurbishment of City Tower in 2017, delivering 36,400 sq ft of Grade A office space across four floors and repositioning the ground floor reception and lift lobbies throughout the building.

The company also launched a City Tower online portal for all occupiers of the building, which provides special offers at some of Manchester’s most exclusive hospitality venue as part of efforts to deepen tenant engagement.

Schroders today also agreed a deal with an existing tenant, global packaging solutions provider Sonoco, which will upsize to a 1,979 sq ft office on the 26th floor.

City Tower offers 340,000 sq ft of office space, a 280-bed four-star hotel operated by Mercure Hotels Group, and 67,992 sq ft of retail space across 23 units with tenants including Marks & Spencer, The Alchemist Bar, and Grill on New York Street.


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