APAM, the specialist UK real estate asset and investment manager, has secured specialist insurer Syndicate 2525 as a tenant at 36 Park Row in Leeds. This follows APAM’s extensive comprehensive refurbishment of the property, including converting four suites into 8,000 sq ft of modern boutique office space.
Syndicate 2525, which is relocating from nearby Park Place, has agreed a 10-year lease for a 1,949 sq ft suite at a rent of £21.50 per sq ft.
Peter Owen of APAM commented: “We acquired the building November 2017 having identified significant opportunity to re-position the building due to its prime location on Park Row and proximity to the railway station. Having successfully completed phase one of our refurbishment programme, we now have plans to invest a further £1 million in the property and create another 10,000 sq ft of Grade A, state-of-the-art office space.
Joanne Sutcliffe, UK Claims Manager of Syndicate 2525, explained: “Syndicate 2525 is a specialist Employer’s and Third Party Liability Lloyd’s insurer. Formed in 2000, the syndicate has established itself as a leader within the London Market in all aspects of liability business, including offshore and construction risks. For UK claims, the focal point is our office in Leeds, which was opened in 2003.
“Having come to the end of our current lease, we sought to identify a high-quality office suite that would provide a positive working environment within the business district of Leeds, with transport and amenities in close proximity. 36 Park Row met our criteria perfectly.
“We are working closely with our office fit out company and hope to move in early March,” she added.
Elizabeth Ridler, partner in the office agency team of Knight Frank in Leeds, commented: “On the back of this letting, coupled with strong interest in the remaining three refurbished suites, we are looking forward to Phase Two, which will involve the refurbishment of an additional 10,000 sq ft together with new showers and lockers in the basement.
Overall, there is currently 17,629 sq ft of quality office space left to rent at 36 Park Row.
Robin Beagley, partner at WSB, commented: “36 Park Row enjoys a superb central location in the city, which is always popular with occupiers who are attracted by the proximity to the station, the business and retail quarters with plenty of first-class amenities close by.”
Other tenants in the building include Royal Haskoning DHV, Leonard Curtis and Chiropractic First.
Knight Frank and WSB acted for APAM.