Grosvenor makes first investment into city centre office market

Grosvenor Group has completed its third regional acquisition of the year by purchasing Toronto Square.

The deal is the privately owned international property businesses first in Leeds, with them acquiring the city centre building from a fund advised by J.P. Morgan Global Alternatives.

The building which is currently home to businesses including Bevan Brittan, Franklin Templeton, Quilter and CRBE, was acquired by JP Morgan Global Alternatives in 2017 for £22.2m, having previously been owned for four years by M&G Investments, which bought the property from Highcross for £29m.

The 88,500 sq ft Grade A office building currently has 9,027 sqft of available space across four floors.

Keith Bailey, investment director, Grosvenor Britain & Ireland, said: “Toronto Square is a highly respected sustainable prime office building, which has proven to be popular with Leeds occupiers. Following on from the recent refurbishment works undertaken by J.P. Morgan, we will continue to invest in the building’s amenities and environmental performance to maintain its reputation as one of the market’s landmark office locations as supply of new space tightens and levelling up opportunities increase.”

JLL acted for Grosvenor and Savills and CBRE for J.P. Morgan Global Alternatives. The terms of the transaction are not disclosed.