Zenith buys 50,000 sq ft Manchester office

86 Deansgate is the investor’s first Manchester acquisition. The firm plans to refurbish the asset.

Zenith Real Estate Partners, headed up by partners Gal Nadir and Erez Karti, bought the 50,000 sq ft Manchester office from Swiss Life.

“The acquisition of 86 Deansgate represents our strategy to acquire solid properties in key UK markets and enhance their value proposition across various metrics including tenant-focused design of the office space, enhanced amenities and ESG improvements,” Nadir said.

Karti added that Zenith is in the market for “additional properties of a similar nature”, as the firm looks to grow its portfolio.

The purchase price for 86 Deansgate was undisclosed. Swiss Life appointed CBRE to find a buyer for the asset last year and sought bids of £9.55m.

86 Deansgate is let to five firms. Resource Solutions, Slater Heelis, Woodgate and Clark, Reed Recruitment, and Riddell TPS. Las Iguanas and Yours bar occupy the ground floor leisure units.

Zenith Real Estate Partners was represented by Christopher Dee, while CBRE represented the vendor.

Will Kennon, executive director for capital markets at CBRE, said, “We are pleased to have concluded the sale on behalf of Swiss Life Asset Managers having identified Zenith Real Estate out of a number of private and property company bidders following a full marketing process of the asset”.

Simon Marshall, partner at Christopher Dee added: “The building offers the opportunity to undertake a number of asset management initiatives to deliver enhanced returns, whilst also benefitting from a prime location in the centre of the St Mary’s Parsonage Strategic Regeneration Framework.”