Moorfield Group and Oaktree Capital have withdrawn 100 Barbirolli Square in Manchester from the market after failing to receive satisfactory bids.
The joint venture partners appointed CBRE and WHR in September to seek offers in excess of £52m for the 142,000 sq ft building, having bought it for £41m in 2013.
They now plan to refurbish the building and relet it before bringing it back to market.
Built in 1997, 100 Barbirolli Square was once the premier office development in the city centre, with tenants including DLA Piper, EY and Addleshaw Goddard.
All three tenants have agreed to relocate to the Greater Manchester Property Venture Fund’s One St Peter’s Square, reflecting a shift west of the city’s business district.
100 Barbirolli Square also has a 5,200 sq ft restaurant and 141 car parking spaces.
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