Grosvenor Britain & Ireland has completed the acquisition of Toronto Square, a landmark office building in Leeds, from a fund advised by J.P. Morgan Global Alternatives.
The building, which holds a BREEAM Excellent rating, provides 88,500 sq ft of Grade A offices and is 96% let to occupiers including CBRE, Bevan Brittan, Franklin Templeton and Quilter.
Keith Bailey, investment director, Grosvenor Britain & Ireland, said: “Toronto Square is a highly respected sustainable prime office building, which has proven to be popular with Leeds occupiers.
“Following on from the recent refurbishment works undertaken by J.P. Morgan, we will continue to invest in the building’s amenities and environmental performance to maintain its reputation as one of the market’s landmark office locations as supply of new space tightens and levelling up opportunities increase.”
GBI’s Investment team actively manages a c£1 billion UK property portfolio, comprising assets and projects outside of its Mayfair and Belgravia holdings. Its focus is on income producing assets where it can enhance their environmental, social and commercial performance and build scale in new markets.
In June 2021, Grosvenor completed its first acquisitions under the new strategy: 134 Edmund Street, an 85,000 sq ft office building in Birmingham’s central business district, and The Hive, an 80,000 sq ft office building in Manchester’s Northern Quarter. The portfolio also includes Grosvenor’s Strategic Land business and stake in Liverpool ONE.
JLL acted for Grosvenor and Savills and CBRE for J.P. Morgan Global Alternatives. The terms of the transaction are not disclosed.
