Private equity firm commits to city centre with relocation to Chancery Place
Manchester property specialist OBI has represented its long-term client, Palatine Private Equity, in its relocation to new Manchester city centre offices.
Private equity firm Palatine PE has agreed a deal with NFU Mutual to occupy 5,665 sq ft at Chancery Place on Brown Street in the city core, on a 10-year lease.
The 11th-floor space will be home to the firm’s new Manchester headquarters, as it relocates from The Zenith Building
One of the first private equity firms to be headquartered in Manchester, Palatine PE focuses on the UK mid-market and invests from two funds, Buyout and Impact.
Chancery Place is owned by NFU Mutual, which is undertaking an enhancement to the building’s reception area and refurbishing in excess of 30,000 sq ft.
OBI was engaged to deliver a full service solution, with the team advising Palatine on the surrender of its previous lease, search and acquisition, workplace consultancy, and project managing the fit-out of the new space.
Will Lewis, from OBI, said: “It was great to work with the Palatine team again. The company relocating during the peak of the lockdown, and committing to enhancing the quality of workspace is a great show of confidence in the city and the future of the office.
“Our workplace consultancy team worked closely with Palatine on its future ways of working, and the new office provides a stunning environment in which the team can continue its success.”
He added: “Chancery Place will be a great platform for Palatine’s next phase of growth, seamlessly supporting its ambitions as a business.”
Chancery Place was developed in 2008 and is home to QBE Insurance, HSB Engineering and Landmark serviced offices.
Ed Fazakerley, partner at Palatine PE, said: “It’s been great to upgrade our premises in challenging times. We remain committed to our city centre location, as our team works much better when together.
“The new environment has given the team a real lift during a turbulent year, and will enable us to embrace new ways of working going forward.”
Tom Foley, from landlord NFU Mutual, said: “To secure an occupier of Palatine PE’s quality during these testing times is a serious endorsement to the level of refurbishment that has been undertaken at Chancery Place.
“At a time in the market that take-up and investor sentiment is subdued, this transaction shows there is still strong demand for high quality refurbished grade A office accommodation located in the traditional prime core.
“We are very excited to be launching in excess of 30,000 sq ft of prime space to the market shortly.”
CBRE represented the landlord on the transaction.