CBRE acquires key city centre site for creative workspace provider

125 Deansgate

Acting on behalf of creative workspace provider Spaces, CBRE’s office agency team in Manchester has completed the acquisition on 125 Deansgate in Manchester city centre for an undisclosed sum.

Spaces will take the entire 120,000 sq ft office space as part of the company’s expansion plans and is set to open its co-working space in early 2020 at 125 Deansgate.

This new space is in addition to the company’s existing Manchester office location at Peter House on Oxford Street.

125 Deansgate comprises 120,000 sq ft of column-free office accommodation across 12 floors, including a 10th-floor terrace with views of the city.

The property has been designed to offer best-in-class Grade A office space with a selection of large open floorplates up to 11,590 sq ft and a range of additional cycle, changing and parking facilities to suit the modern occupier.

Located within the heart of Manchester’s business core on Deansgate, the office scheme is surrounded by an eclectic mix of cafés, bars and restaurants and is close to Spinningfields, Selfridges and the Arndale Centre.

Occupiers benefit from a range of doorstep amenities and the development is just a short walk from the Metrolink, Oxford Road and Manchester Piccadilly stations, providing easy access to the UK’s rail network.

Jonathan Cook, associate director at CBRE Manchester, said: “We are delighted to announce the acquisition of 125 Deansgate on behalf of Spaces.

“The property offers some of the highest quality office accommodation in Manchester, including unrivalled panoramic views of the city from the building’s impressive 10th floor terrace. This latest acquisition highlights the growing demand for flexible workspace in the city.”

Matthew Aubrey, development director, Spaces, said: “Demand for flexible office space is growing rapidly – a trend that we are especially seeing in Manchester.

“Our research shows that 53% of professionals globally now work remotely for at least half their working week and 30% of corporate real estate portfolios could be flexible workspace by 2030.

“People now recognise that they can be far more productive and successful in a dynamic working environment, while businesses are waking up to the financial and strategic benefits. Spaces is helping to supply this demand and drive a workspace revolution in Britain.”

He added: “We’re thrilled to be opening our second Spaces location in Manchester, the largest centre to date in the UK, highlighting the growing demand from those in the city and beyond for flexible working.”