Bruntwood SciTech has acquired the Pinnacle in Manchester city centre as it presses ahead with its ambitious redevelopment plans for Pall Mall.
The 28,500 sq ft building was bought from Legal & General Investment Management, which was acting on behalf of its client ReAssure.
The deal forms the next part of Bruntwood SciTech’s ambition to create a £5bn portfolio by 2032 and increase its secured development pipeline to provide 8.4m sq ft of workspace.
The Pinnacle has 10 floors and is set to form the second phase of the neighbouring Pall Mall scheme, which is undergoing a £30m redevelopment programme due to complete in summer next year. In total, the expanded scheme will offer more than 120,000 sq ft of office space on completion.
Ciara Keeling, chief operating officer at Bruntwood SciTech, said: “Our acquisition of the Pinnacle and investment into Pall Mall once again reaffirms our commitment to the North West’s – and indeed the UK’s – innovation economy.
“The acquisition was also ideally positioned to cluster with existing Bruntwood SciTech workspaces in the city centre, bolstering the community and knowledge-sharing that is already taking place across our city centre innovation hubs.”
LGIM was represented by Savills and Simmons & Simmons; Addleshaw Goddard acted for Bruntwood SciTech.
Photo from Bruntwood SciTech
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