International law firm Trowers & Hamlins has advised BT on a landmark deal with the English Cities Fund at the New Bailey development in Manchester. BT have committed to a 20 year lease of the building, to be known as Four New Bailey, which will provide 175,000 sq ft of office space and become a base for up to 2,000 people.
The transaction is seen as major confidence boost not just for the Greater Manchester region but also for the wider offices market, which is going through a major transformation as a result of the COVID pandemic. BT's multi-million pound investment underpins its belief that high quality office environments will continue to play an important role in workplace strategy in the future.
Brent Mathews, UK Real Estate and Commercial Director at BT, said:
"We are delighted to have secured yet another landmark building for our Better Workplaces program and look forward to creating a modern and inspiring workplace environment for our staff in a prime location. We are extremely grateful to Trowers & Hamlins, who were pragmatic, patient and efficient throughout this deal and whose advice and guidance throughout the Better Workplace program has been invaluable."
Lead Partner, Ben Neary said:
"We are delighted to have supported BT on yet another significant leasing deal in 2020, having already worked with them on their record breaking deal at Three Snowhill, Birmingham at the start of the year and their deal for the former TalkTalk building in Warrington a couple of months ago. This was a great team effort from our Manchester and Exeter offices and we are looking forward to seeing the finished building."
BT Client Partner Julien Allen said:
"We are delighted to support BT as they move into a commercial space that gives employees an impressive and adaptable modern environment to work in. Our involvement underlines our commitment to, and passion for, facilitating office spaces that are vibrant and fit for purpose."
