PD Properties has agreed two new leases at its Manchester tower block the Lexicon, contributing to the city’s already heady year of office take-up.
The largest of the two is with global advisory firm K3 Capital Group, which has agreed a five-year lease for 3,325 sq ft on the building’s third floor.
The other is with investment firm Corbenyah, originally founded in nearby Lytham St Annes, Lancashire, which has taken 2,358 sq ft on the second floor at £29.50 per sq ft.
Only one of the Lexicon’s nine floors remain available, offering suites between 2,500 – 5,664 sq ft of either fully-fitted or Cat A space.
Based next to Manchester’s Central Library and St Peter’s Square, the grade-A building is set to undergo further refurbishments to install a cycle hub with showers and lockers.
Matt Pickersgill, associate director at Avison Young, which acted as joint agent for the building, said: “It’s no surprise to see high profile and growing organisations such as K3 Capital Group and Corbenyah choosing the Lexicon as their long-term Manchester HQ, and it is testament to the quality of office space we can present to them.
“The building offers both organisations with the efficient grade-A office space they were looking for, with enhanced Cat A specification within a modern environment and central location overlooking the Central Library and St Peter’s Square beyond.”
The deals compound a trend of strong office take-up in Manchester this year, totalling 943,504 sq ft at the end of September, according to agent Savills.
Savills predicted 2024 would be a record post-Covid year, with take-up projected to exceed 2022’s 1.2m sq ft and hit 1.3m sq ft.
Along with Avison Young, Colliers acted as joint agents for PD Properties; Andrew Farquhar at Heyford Masons acted for K3 Capital Group.
Image © Avison Young
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