Freshfields Bruckhaus Deringer has placed 80,000 sq ft under offer at the English Cities Fund’s One New Bailey scheme in Salford, Greater Manchester.
The process, known as Project Green, is set to be one of the largest lettings in the city in recent years.
The law firm will pay £24 per sq ft, taking the upper floors of the 125,000 sq ft building on a 10-year lease. ECF is a joint venture between Muse Developments, Legal & General and the Homes and Communities Agency.
One New Bailey is due to open in May 2016, with an adjoining 143-bedroom Premier Inn and a 615-space NCP car park already completed.
Freshfields is understood to have chosen One New Bailey over Ask Real Estate’s, Carillion’s and Tristan Capital Partners’ 165,000 sq ft 101 Embankment, which is due to complete two months after One New Bailey.
Freshfields is the latest in a series of businesses to “northshore” from London to Manchester as it looks to cut costs. It employs 1,300 people in the UK and currently occupies 230,000 sq ft at Malaysian Employees Provident Fund’s 65 Fleet Street, EC4. It is expected that some staff could move as early as next year with the migration completing in 2018.
The Freshfields deal is the first in a trio of major requirements in Manchester. Hewlett-Packard is looking for 100,000 sq ft and MoneySupermarket.com has a 60,000 sq ft requirement.
Knight Frank is acting for Freshfields; Cushman & Wakefield is the letting agent on New Bailey.
