Bruntwood SciTech has acquired the 28,500 sq ft The Pinnacle office scheme in a Manchester city centre from Legal & General Investment Management, acting on behalf of its client ReAssure, for an undisclosed price.
The asset is located on King Street and will be added to Bruntwood SciTech’s neighbouring Pall Mall scheme, which is undergoing a major £30m redevelopment programme, due to complete in summer 2025.
As part of a planned second phase expansion and extension, The Pinnacle will become part of the Pall Mall scheme, which will in total offer more than 120,000 sq ft.
Ciara Keeling, chief operating officer for Bruntwood SciTech – a joint venture between property company Bruntwood, Legal & General, and Greater Manchester Pension Fund – said: “Our acquisition of The Pinnacle and investment into Pall Mall once again reaffirms our commitment to the North West’s – and indeed the UK’s – innovation economy. By adding further state-of-the-art workspace designed to support the science, tech and innovation sector, we are creating even more opportunities for businesses operating within that area to collaborate and grow, and ultimately working towards our ambitious goal of creating a £5bn portfolio by 2032.
“The acquisition was also ideally positioned to cluster with existing Bruntwood SciTech workspaces in the city centre, bolstering the community and knowledge-sharing that is already taking place across our city centre innovation hubs.”
LGIM was represented by Savills and Simmons & Simmons. Addleshaw Goddard acted for Bruntwood SciTech.
