Hines, the international real estate firm, announced today that it has signed a joint venture agreement with Manchester & Metropolitan Properties to develop Landmark, a 178,000 ft² (approx. 16,500 m²) office building located by St. Peters Square in Manchester's city center. The project will be funded by Hines, who will manage project development on behalf of the venture.
Planning consent for the Squire & Partners-designed building is in place, providing 13 stories of highly specified column-free office space. While there is no current intention to start development speculatively, this will be reviewed depending on market conditions.
Anthony Leonard, director at Hines, said, "We have been looking at opportunities in Manchester for some time and are delighted to have finally secured such a prime city center site. Availability of quality office space will become scarce and, with few new buildings under construction, we believe there is a tremendous opportunity in Manchester to deliver new Class A space. In bringing new stock to the market in 2015 and beyond, we hope to be in a prime position to capitalize on an improving economy."
Andrew Joseph, director at Manchester & Metropolitan Properties, said, "We are delighted to be partnering with Hines on the development of the Landmark building. The fact that Hines has exclusively committed to Landmark over any other development in Manchester city center reflects the quality and integrity of the building's design and location."