Schroder Real Estate secures deal with major law firm at No.1 Spinningfields

Schroder Real Estate has secured a deal with law firm Fieldfisher to occupy a floor at Manchester’s No.1 Spinningfields.

The leading law firm has agreed terms for 11,342 sq ft of space on the 17th floor of the 19-storey commercial building at a rent of £37.50 per square foot.

Fieldfisher is a European law firm with over 1,000 professionals across 25 offices.

Schroders acquired the building during construction from developer Allied London, with 13% of the office space remaining for lease. In addition, they took a surrender of the 17th floor, which was leased to a business lounge operator, to achieve this letting.

No. 1 Spinningfields is a 310,000 sq ft commercial building with state-of-the-art design and specifications, BREEAM ‘Excellent” and WiredScore ‘Platinum’ certifications. The building is let to occupiers including PWC; Moneysupermarket; Northedge Capital; Browne Jacobson and Squire Patton.

Makoto Fukui, Head of Strategic Partnerships at Schroder Real Estate said:

“We are really pleased to add Fieldfisher to the No.1 Spinningfields community. Achieving this letting at a time of more general market uncertainty is testament to the quality of the building, our high standard of tenant services and the amenities both within No. 1 and the wider Spinningfields estate.”.

This latest deal follows the installation of a cutting-edge digital screen into the reception area of No.1 Spinningfields. The interactive screen has been designed using the most modern and energy efficient systems and will be used to display digital art, occupiers’ content as well as promote community and local projects.

The acquisition of No.1 Spinningfields by a Schroders’-managed joint venture in 2017 was one of the largest single-asset trades recorded in the region, at c.£200m.

Rob Yates, Partner at Cushman & Wakefield said:

“The level of amenity within the space, the 360-degree views of the city, best in class tech and Schroders’ continued investment into No.1 are all stand-out factors that make this a world class office location.”

Cushman & Wakefield and Norton Rose Fulbright advised Schroders on the deal.

Fieldfisher were represented by OBI.