Arrow Global plugs CBRE gap at Belvedere
Following confirmation by the global property consultancy that its Manchester office is to move to One St Peter's Square, the 8,500 sq ft it occupies at Belvedere on Booth Street is to be taken by debt purchaser Arrow Global.
In October 2017, Place North West revealed CBRE's intention to move to St Peter's, and it was this week announced by the firm that it has signed for 11,309 sq ft on the tenth floor there, increasing its office space in the city by 30%. CBRE has taken a 15-year lease and will relocate 110 people. Savills acted for the landlord Deka Immobilien.
CBRE's building consultancy team will manage the fit-out process and has appointed TP Bennett as architect and Overbury as contractor following a design competition.
CBRE plans to move in May, which will trigger the expansion of Arrow Global, which will then occupy around 18,500 sq ft at Belvedere. Completed in 2009, Belvedere was sold by Orchard Street Investment Management to Deka in 2012 and has consistently been fully occupied.
In 2013 a trio of deals saw various occupiers trading up or down, among them Arrow, which expanded to occupy the whole of the sixth floor. In another deal, ground floor space vacated by Steelcase Solutions was quickly occupied by expanding Savills.
Nigel Hunter of Edwards & Co advises Deka on Belvedere. He said: "Belvedere has proven consistently appealing to its tenants. Space very rarely becomes available and when it does it goes quickly to companies already in the building, as is evidenced recently by Savills and Arrow Global expanding."
On CBRE's move, the managing director of its North West business, John Ogden, said: "The relocation follows on from another record year for our North West business and, in addition to reflecting our continued growth, is an investment into our valued staff and clients.
"This is a prestigious address in the heart of Manchester's historic business district and we are delighted to confirm our move. The significant 30 per cent increase of office space is testament to the strength of the business and our future growth plans. We are the first firm of surveyors to locate to St Peter's Square in recent times, which further endorses the area as Manchester's new civic and business quarter."
Place North West