Landmark Leeds office sold for £32m

Investment manager APAM has acquired the landmark Leeds office building 1 City Square for £32 million on behalf of its client Britannia Invest.

Aviva Investors put the building near Leeds train station on the market in November. The largest tenant is Deloitte.

Patrick Freestone, senior investment manager at APAM, said: “1 City Square is, one of, if not the most, prestigious office addresses in Leeds.

“The building has been owned by Aviva since it was developed and will benefit from a new owner breathing fresh life into the building.

“The Leeds market is coming off the back of two very strong years of take-up and Grade A supply is at an all-time low.

“The recent Channel 4 announcement to establish its regional base in Leeds has been a further boost for the city’s office market.”

JLL acted on behalf of APAM. Knight Frank acted on behalf of Aviva.