MRP has leased 20,000 sq ft at its City Square House office scheme in Leeds to integrated insurance, tax and legal services firm Markel on a 15-year lease.
The developer is delivering the £85m, 140,000 sq ft Grade A office, which fronts onto City Square in the heart of the city, on a speculative basis.
Markel will occupy the ninth and tenth floor and joins law firm DLA in the building – the latter has taken 83,000 sq ft, leaving 37,000 sq ft of space available.
Neil Galjaard, Markel UK’s divisional managing director, said: “Markel remains committed to Leeds and growing our business, this is demonstrated in our investments in both the office and our people. We are pleased to take on such a prestigious building in a prime, central location. The office will be the perfect setting to achieve our growth ambitions and demonstrates our commitment to investing in our current and future workforce. Leeds has an extensive pool of talent, and with a bigger space to grow into we hope to support the local economy.”
Angus Monteith, development director at MRP, added: “We are delighted to welcome a company with such an excellent reputation as Markel to City Square House. This is a resounding endorsement of our development, which is a bold £85m investment in Leeds and which will provide high specification, flexible Grade A workspace in the heart of the city centre.
“A 15-year pre-let deal with Markel is a very significant and positive statement of intent in the long-term future prosperity of office space in Leeds and, indeed, in urban centres throughout the UK.”
Eamon Fox, partner and head of office agency at Knight Frank in Leeds, who advised Markel on the deal, said: “City Square House is the iconic new office development that the Leeds market has been waiting for. It is in a prime position, just off City Square and next to Leeds station, and the remaining available space of 37,000 sq ft will help to address the pressing need for quality Grade A office space in the city centre.
“This is a significant deal for the city of Leeds, a vote of confidence in the city and its economy. Amidst this challenging economic climate, this is just the boost the whole region needed and a genuine cause to be optimistic about the commercial property sector in Yorkshire.”
Practical completion of the building by design and build contractors McAleer & Rushe is scheduled for the end of this year .
