Patrizia and the Greater Manchester Property Venture Fund have sold the 170,000 sq ft No.8 First Street for £82m.
The speculatively developed building has been bought by Ashtrom Properties UK in its first investment play in the Manchester market.
The property is currently let to Odeon, Gazprom, Lonza, WSP and Willis Towers Watson. Just 14,000 sq ft is currently available in the building.
Ashtrom chief executive Guy Lewinsohn said: “The acquisition of No.8 is in line with our current strategy of investing in regional cities. We are thrilled to add this well-connected, prime office development surrounded by brilliant amenities to our portfolio.”
David Winterbottom from Avison Young, which advised the vendors, said: “The deal with Ashtrom Properties at No.8 First Street represents the firm’s first investment in the Manchester office market, demonstrating that despite the recent challenges, there is still great confidence in the city as it begins to emerge from the pandemic and takes steps towards recovery.”
Commercial Properties and Burlington Green Partners advised Ashtrom Properties on the deal.
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