Big tech company signs up for property after £20m revamp

Specialist semi-conductor IP company Arm has signed a 10-year lease on 13,500 of space at 11 Portland Street in central Manchester following its £20m refurbishment.

The company has taken a chunk of the seventh floor and has an option to take the remaining 6,500sq ft at a later date in the deal struck with landlord Aviva Investors’ joint letting agents, Savills and Cushman & Wakefield.

The major revamp of the property was completed in July.

It included the creation of two new reception areas and the addition of cycle racks and showers, while upgraded office floors, common parts and new building services were incorporated throughout. The central courtyard was also refurbished.

John Osbor, fund manager at Aviva Investors, said: “Attracting Arm, a prestigious tech company, to 11 Portland Street immediately after the recent letting to ETC Venues is a mark of the strength and depth of Manchester’s office market.

“In quick succession, we have let in excess of 32,00 sq ft following the major renovation works to the building. We have a continued commitment to investing in high quality office stock, like 11 Portland Street, in prime city locations.”

Andrew Cooke of the office agency team at Savills Manchester added: “Given the continued under supply of high quality refurbishments within Manchester city centre and consistent strong demand, we are already receiving high levels of interest in the remaining circa 60,000sq ft of space at 11 Portland Street.”

Savills is also instructed as the retail letting agent on ground floor retail and leisure space within 11 Portland Street.