Gary Neville breaks Manchester office record for a second time with S&P Global deal
S&P Global has signed a deal for the most expensive office space in Manchester at Gary Neville’s landmark development in the city centre.
The US giant has taken 19,695 sq ft of space at the £150m No.1 St Michael’s building which is currently under construction.
The deal between the global financial firm and Relentless Developments breaks the record for the highest headline rent for offices in Manchester.
The previous record was set by Pinsent Masons when it signed up to pay £43 per sq ft in July 2023.
S&P Global will occupy the entire sixth floor of No.1 St Michael’s which will include a wraparound balcony providing scenic views of the city skyline.
The move sees S&P Global create its first permanent base in Manchester, having previously operated from serviced offices in the city.
The location joins the company’s international portfolio of more than 70 offices across 35 countries.
Construction on No.1 St Michael’s started in January 2022 and is expected to be completed later this year.
Gary Neville, director at Relentless Developments, said: “This latest deal sees us welcome a stock market powerhouse to St Michael’s, complementing its already vast office portfolio in some of the world’s most exclusive postcodes.
“It is absolutely fitting that No.1 St Michael’s will play host to this firm’s first permanent base in Manchester as the development’s reputation for hosting prominent global brands continues to grow.
“We’ve also succeeded in eclipsing our own record for headline rent in the city in the process.”
Acting on behalf of the developer, Will Lewis at OBI Property added: “St Michael’s is rapidly cultivating a reputation as a development to comfortably rival those found in London and other global capital cities.
“It’s therefore no surprise a company of the scale and significance of S&P wants to call this eminent building home.”
Joe Rigby from CBRE also acted on behalf of the occupier.
Together with No2. St Michael’s, the whole development is worth in the region of £400m.