Ryden has advised The Royal London Pension Property Fund on the purchase of One New York Street in Manchester city centre for £55m. The distinctive office building was sold by Invesco Real Estate.
One New York Street comprises 113,256 sq ft of grade A accommodation split across 13 levels, in addition to two floors of basement car parking.
The building was designed by Denton Corker Marshall and completed in 2009. Its 11 occupiers include Marks & Clerk, AECOM and Turley Associates, with The Alchemist occupying a prominent position on the ground floor.
Alasdair Munn, Investment Partner at Ryden in London said: "The property will be a positive addition to Royal London's growing portfolio of modern, multi let offices located in the UK's premier cities where value can be added not only by selective asset selection but also through active asset management. Our newly opened Manchester office, headed by Andrew Richardson, reports there is no slackening in investor demand in the city. The total investment property traded in 2017 is likely to exceed 2016 figures and the market has some way to run."
JLL represented Invesco Real Estate.