Credit Suisse Asset Management has bought 70 Great Bridgewater Street in Manchester from financial services and banking firm State Street.
The 71,997 sq ft office building is located in Manchester’s Conference Quarter, and is fully let to law firm Eversheds Sutherland until February 2021.
Rent is £22.15 per sq ft. Average prime office rents in Manchester stand at £34 per sq ft.
JLL advised State Street and CBRE advised CSAM.
The deal follows last week’s news that Aberdeen Standard Investments has withdrawn Manchester office building Sunlight House from the market.
The investor put the Grade II listed building, which provides 209,428 sq ft of office space, up for sale last month.
ASI was seeking offers in excess of £54.3m. This reflects a net yield of 6% and a low capital value of £260 per sq ft (including car parking).
The withdrawal of the deal reflects a quiet Manchester office market, which has seen office transactions in the first quarter drop by 83% compared with the city’s five-year average of £145m, according to CBRE.
CBRE declined to comment. JLL was approached for comment.
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