Global management consultants signs 10-year lease for The Lincoln
A 10-year lease has been agreed for 14,160 sq ft of space at M&G Retail Estate’s The Lincoln site in Manchester, by global management consultancy, Alvarez & Marsal.
Its arrival marks a second letting at The Lincoln, following the agreement with flexible office provider Cubo earlier this year, which agreed a 12.5-year lease for 30,796 sq ft. Alvarez & Marsal will occupy the top floor and the roof terrace space, which offers panoramic views across Manchester.
Designed to provide a flexible, contemporary working environment, The Lincoln is situated in the centre of Manchester close to the city’s wide variety of transport links.
It offers a mix of amenities including a wellness suite, relaxation room, spin, and yoga studios, as well as shower and changing facilities, alongside cycle storage spaces to encourage sustainable commuting.
The Lincoln also has EPC A and BREEAM ‘Excellent’ ratings, and its integrated building technology will help M&G and its occupiers to achieve their ESG targets and journey to net zero by identifying opportunities to reduce energy consumption.
According to Savills, the flight-to-quality in the Manchester office market has continued with prime and Grade A take-up totalling 252,000 sq ft in the third quarter of 2023, equating to 72% of the total 351,000 sq ft of workspace take-up across the city.
As a result of rising demand for best-in-class workspace, a new prime rent for Manchester offices of £43 psf was achieved during the last quarter. Savills also reported an increase in the number of deals recorded, with 59 lettings completed in Q3, 16% above the 10-year Q3 average.
Aaron Pope, director, asset management at M&G Real Estate, said: “This letting to Alvarez & Marsal demonstrates the continued demand for best-in-class workspaces from international businesses looking to expand their presence in the UK.
“The Lincoln supports our strategy of delivering much needed Grade A office spaces in prime locations, with exceptional green and wellbeing credentials, which attract leading occupiers and enables us the potential to deliver compelling returns for our investors.”
M&G Real Estate is part of M&G plc’s £76.7bn Private Market division.