Northwood Investors is preparing to put its circa 300,000 sq ft Broad Gate scheme in Leeds up for sale for £90m, EG can reveal.
Tenants at the property include Colliers, KPMG, Yorkshire Building Society and Ramboll.
Broad Gate was formerly a John Lewis department store which was refurbished in 2009 to become a landmark mixed-use office and retail scheme.
The property, originally built in 1932, is one of Northwood Investors’ 77 office and industrial assets in its 7.2m sq ft UK regional portfolio.
The US investor acquired the portfolio from Highcross Strategic Advisers in 2014 for £635m.
Northwood Investors was founded in 2006 by the former president and chief executive of Blackstone Real Estate Advisors John Kukral. Globally, it had approximately $7.4bn of assets under management this time last year.
While the Leeds transactions market may be heating up, research released by Deloitte earlier today revealed that the city’s office development activity took a tumble over the course of last year.
According to the consultant’s latest Regional Crane Survey for 2019, workspace construction activity in the city dived by 66% to around 289,000 sq ft in 2019 compared with 804,000 sq ft the year before.
JLL and Cushman & Wakefield are advising Northwood Investors.
Northwood Investors declined to comment.
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