Swiss inward investor takes 32,000 sq ft at Towers
US investor Lone Star has agreed a deal to bring Syngenta, a Swiss agribusiness, to Towers business park in Didsbury.
Syngenta signed a 10-year lease with Lone Star to occupy all of Crescent House, totalling 32,330 sq ft, believed to be at a record rent for South Manchester of £22/sq ft. Lone Star and asset manager Hudson Advisor said it was the largest inward investment deal in South Manchester of 2015/16.
Colin Hardy of Syngenta added: “Syngenta’s new global operations centre in Manchester was chosen following an extensive assessment of possible European locations and increases our investment in the UK economy.”
Syngenta will create 200 new jobs at the office.
Nick Nelson, associate director, Colliers International, said: “We have worked closely with MIDAS on bringing Syngenta to Manchester and are delighted to welcome them to Towers. This is a significant inward investment deal and reflects Manchester’s increasing recognition as a location of choice as it provides access to a skilled workforce.
“Towers has been South Manchester’s leading business location in recent years, with over 50,000 sq ft of new lettings carried out in 2015 alone.”
Lone Star reported smaller deals at the same time. Existing occupier Cisco has relocated on the estate and taken occupation of Spectrum House, comprising 8,080 sq ft on a new five-year lease. Recruitment firm Hitcher Wakefield signed for 2,000 sq ft on the second floor in The Pavilion.
CBRE, Edwards & Co and Colliers International are the appointed letting agents on Towers and Bilfinger GVA is the managing agent for the estate.