US financial powerhouse’s St Michael’s deal sets new Manchester rental record
US financial firm, S&P Global Inc, has committed to Manchester’s £400m St Michael’s development in a deal for 19,695 sq ft.
The covenant sets yet another new headline rent for offices in the city, breaking the previous record set by St Michael’s in July 2023.
S&P Global’s deal with former Manchester United ace Gary Neville’s Relentless Developments will see it occupy the entire sixth floor of No.1 St Michael’s, which comes complete with a wraparound balcony for scenic views of the city skyline.
The move sees the financial giant create its first permanent base in Manchester, having previously operated from serviced offices in the city. The location joins the company’s international portfolio of more than 70 offices across 35 countries.
No.1 St Michael’s is expected to be the first fully Net Zero Carbon commercial development in the city, both in operation and delivery.
Comprising nine floors of best-in-class office space and a Japanese-Peruvian rooftop restaurant from Chotto Matte, it is set to achieve world leading standards in sustainability and wellbeing, it said.
Construction began in January 2022 with completion due later this year.
Gary Neville, director at Relentless Developments, said: “This latest deal sees us welcome a stock market powerhouse to St Michael’s, complementing its already vast office portfolio in some of the world’s most exclusive postcodes.
“It is absolutely fitting that No.1 St Michael’s will play host to this firm’s first permanent base in Manchester as the development’s reputation for hosting prominent global brands continues to grow. We’ve also succeeded in eclipsing our own record for headline rent in the city in the process.”
Acting on behalf of the developer, Will Lewis, at OBI Property, said: “St Michael’s is rapidly cultivating a reputation as a development to comfortably rival those found in London and other global capital cities.
“It’s, therefore, no surprise a company of the scale and significance of S&P wants to call this eminent building home.”
Joe Rigby from CBRE acted on behalf of the occupier.
