Real estate investor acquires 85,000 sq ft city office property

Private equity real estate investment firm Castleforge Partners has today announced its acquisition of Yorkshire House, an office building in the centre of Leeds.

The investment comes after Castleforge’s research team identified Leeds as the UK’s fastest growing city.

Castleforge forecasts that the centrally located, 85,000 sq ft Leeds building, which is currently over 70% occupied, holds a gross development value of over £45m.

With the investment, Castleforge says it plans to meet increasing demand from companies in Leeds for alternatives to traditional fixed-term office space leases through its flexible workspace provider, Clockwise.

Despite the challenging year faced by the city and the office industry, Castleforge adds it is confident in both the office leasing market and the potential for flexible office spaces in Leeds to grow.

The purchase of Yorkshire House is part of a wider series of investments in office real estate by Castleforge across UK regional cities including Manchester, Southampton and Exeter.

Brandon Hollihan, founding partner of Castleforge Partners, said: “With a diverse economy, huge student population and the highest concentration of knowledge-intensive jobs in Britain, not to mention the fastest growing city in the UK over recent years, we have strong conviction in Leeds.

“We look forward to working with local companies and welcoming them to Yorkshire House as new members of our flexible workspace provider, Clockwise.”