Gary Neville’s Relentless Developments has set another headline rent in Manchester in a deal to create a new permanent office in the city for US-based financial intelligence company S&P Global.
The firm has agreed to take 19,695 sq ft at No.1 St Michael’s at a rent in excess of £43 per sq ft. It is the second time the £400m development has broken the rental record in Manchester. In July 2023, it secured deals with law firms Pinsent Masons and Hill Dickinson at £43 per sq ft.
S&P will take the entirety of the sixth floor as its first permanent base in Manchester. The firm previously operated from serviced offices in the city.
Neville said: “This latest deal sees us welcome a stock market powerhouse to St Michael’s, complementing its already vast office portfolio in some of the world’s most exclusive postcodes.
“It is absolutely fitting that No.1 St Michael’s will play host to this firm’s first permanent base in Manchester as the development’s reputation for hosting prominent global brands continues to grow. We have also succeeded in eclipsing our own record for headline rent in the city in the process.”
No.1 St Michael’s is expected to be the first fully net zero carbon commercial development in Manchester, both in operation and delivery.
The development comprises nine floors, plus a Japanese-Peruvian rooftop restaurant operated by Chotto Matte. Other tenants in the building include Gillbanks, which will operate some 34,000 sq ft of serviced offices.
The scheme, on the site of the former Manchester City Police headquarters, has been designed by Skidmore, Owings & Merrill and Hodder & Partners and is set to complete in later this year.
It is being delivered in two phases: No.1 St Michael’s, which is being developed in a joint venture between Relentless and investor KKR, and No.2 St Michael’s, which is a joint venture between Relentless and developer Salboy. No.2 comprises a 162-bedroom, five-star hotel, 217 homes and 75,000 sq ft of office space.
CBRE advised S&P on the letting.
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