Patrizia has formed a joint venture with Greater Manchester Property Fund to deliver a 173,600 sq ft office building on First Street in Manchester.
The seven-storey building has already been partially prelet to Gazprom, which has taken 39,570 sq ft and an option on a further 11,590 sq ft.
Patrizia acquired the 20-acre First Street mixed-use scheme in May 2015 and has already built out a fully let 180,000 sq ft office building, 208-bedroom hotel, bars and restaurants.
Ask Real Estate is the development partner on the scheme, which has capacity for further office development and 600 PRS homes.
The estimated GDV of the whole First Street site is £75m.
GMPVF is a £400m property development fund for the north west of England. It forms part of the GM Pension Fund, the largest local authority pension fund in England with assets in excess of £18bn.
JLL advised Patrizia; Bilfinger GVA acted for GMPVF.
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