BNY office move to NOMA will pull Manchester commercial core northwards
Civic leaders have hailed BNY’s move to 4 Angel Square in NOMA, alongside the headquarters of the Co-operative Group, as the expansion of strategic locations across the city.
In a deal described as largest regional city deal since 2020, the global financial services company will be relocating its existing Manchester team from two other locations to 4 Angel Square by 2026.
Sean Turner, Manchester Site Executive, BNY said the bank will be pulling its teams together from different locations in the city.
“Manchester is a key location for BNY. Our high-performing teams will come together in a prime city-centre office.”
The Bank of New York Mellon Corporation, to give it its full name, first moved to Piccadilly Gardens, then Spinningfields, in 2007 and in agreeing a long-term lease on the 10-storey, net zero operational carbon building BNY will join tenants such as Amazon, The Co-op, ath-leisure company Adanola, Arcadis IBI Group, and Material Source.
Close to Victoria station, the location is also home to food and music venue New Century and creative college dBs Institute as well as international coffee brand Allpress Espresso, independent brewery Cloudwater, and recently opened acclaimed fine dining restaurant Skof.
Andy Burnham, Mayor of Greater Manchester, revealed that he played a part in the city and the move to Angel Square. He said: “BNY’s new office represents a major investment in Greater Manchester and is fantastic news for our city-region. It shows we have the connectivity, liveability and access to talent to attract big international companies, bringing more jobs and opportunities for Greater Manchester residents.
“In March last year we visited BNY’s headquarters in New York as part of our Greater Manchester trade mission to North America, and we have welcomed their involvement in the MBacc, our flagship technical education initiative. I’m glad to see this longstanding partnership continue as Manchester is one of BNY’s strategic growth locations.”
Councillor Bev Craig, Leader of Manchester City Council who also joined Burnham on the US trip described NOMA as “an exemplar, contemporary regeneration programme that has transformed this part of our city centre”.
She said the deal highlights the type of investor confidence that is helping Manchester to take its place as a significant global city, “a place of sustainable growth and job creation, and importantly, a place of opportunity for our people and our communities,” she said.
MEPC/ NOMA was represented by Colliers and the well-respected veteran Manchester agent Peter Gallagher. Chris Mulcahy at JLL acted for BNY.
Gallagher described the letting as “a pivotal moment and a significant wake-up call” to businesses to take up quality space.
“Manchester leads the regional ‘Big 6’ in average inward investment take-up for a reason – it has always offered large corporate occupiers plenty of options. However, that dynamic could be about to shift as we predict a scramble for what remaining space there is left in the city.
“Fortunately, the city remains well-positioned to accommodate the next wave of future growth and large corporate relocations, thanks to two fully designed and consented state-of-the-art Grade A office schemes offering over 310,000 sq. ft. at the next phase of NOMA. However, occupiers will need to start planning much earlier than they have become accustomed to.”
Paul Pavia, Commercial Director at MEPC said the building’s outstanding sustainability credentials was a major factor in agreeing the letting to BNY, but said plans are in place for the next phases.
“With planning consent already in place for 2 and 3 Angel Square – the next two office buildings – NOMA is entering a new period of growth, as underlined by this landmark letting agreement, and we look forward to the future with confidence.”
Chris Mulcahy, Director at JLL in Manchester, who acted for BNY said being able to acquire the whole of 4 Angel Square was “a very rare opportunity that could not be missed”.
