JLL-backed fund to buy £85.5m Leeds Bridgewater Place scheme

The Bridgewater Limited Partnership, a new fund for private investors backed by Jones Lang LaSalle and Partnerships Incorporated Ltd, is set to buy what will become the tallest office building in Leeds for £85.5m.

Bridgewater Place is being developed by Landmark and St James Securities, and is expected to be completed in 2005. As well as 250,000 sq ft of office space, the development will include apartments and a retail element.

In May, the law firm, Eversheds, signed a conditional pre-let for 130,000 sq ft of the office space, at a rent believed to be around £22 per sq ft.

The Bridgewater Limited Partnership is set to raise £23m of equity to buy the tower. The fund was launched at the beginning of October to offer clients of intermediaries a chance to invest in the tower. Subscriptions to the fund were due to close on Friday.

The fund is understood to be awaiting confirmation from Eversheds before completing the purchase.