Major pre-let deal signed for landmark city centre office scheme

Business insurance, tax and legal services provider, Markel, has signed up for two floors at developer MRP’s City Square House, a new office development in Leeds city centre.

Markel says the 15-year pre-let agreement for 20,000 sq ft of space is a “positive statement of intent, demonstrating its long-term commitment to Leeds.”

It is the one of the most significant pre-let office deals in the city during the past 12 months and was brokered by the Leeds office of global property consultancy Knight Frank.

Construction on the £85m development is planned to complete at the end of this year. Markel is expecting to move in during early 2024.

Markel functions which will be located in the office include its claims, underwriting, HR and IT teams, marking a new phase in the company’s growth plans.

With a bigger space to grow into, the business explains it will be able to service the region more effectively as well as support the local economy by attracting new talent.

City Square House will be the biggest of the company’s regional offices outside London.

Markel UK’s divisional managing director, Neil Galjaard, said: “Markel remains committed to Leeds and growing our business, this is demonstrated in our investments in both the office and our people.

“We are pleased to take on such a prestigious building in a prime, central location. The office will be the perfect setting to achieve our growth ambitions and demonstrates our commitment to investing in our current and future workforce.

“Leeds has an extensive pool of talent, and with a bigger space to grow into we hope to support the local economy.”

City Square House is a 140,000 sq ft speculative scheme and the only remaining undeveloped property fronting City Square.

It will comprise office accommodation over 12-storeys, terraces on the fourth, fifth and sixth levels and extensive cycling, electric vehicle and e-bike charging point facilities.

Work on the building is being carried out by design and build contractors McAleer & Rushe.

Markel, which will be occupying floors nine and ten, will be joining global law firm DLA in the building. DLA have taken 83,000 sq ft.

Angus Monteith, development director at MRP, said: “We are happy to welcome a company with such an excellent reputation as Markel to City Square House.

“This is a resounding endorsement of our development, which is a bold £85m investment in Leeds and which will provide high specification, flexible Grade A workspace in the heart of the city centre.”

Eamon Fox, partner and head of office agency at global property consultancy Knight Frank in Leeds, advised Markel.

He said: City Square House is the iconic new office development that the Leeds market has been waiting for. It is in a prime position, just off City Square and next to Leeds Station, and the remaining available space of 37,000 sq ft will help to address the pressing need for quality Grade A office space in the city centre.”