Buying Team moves into prime city office block

F&C Asset Management bought No.1 East Parade in Leeds from St Martins Property Group for an undisclosed sum as part of a £120m deal which included a portfolio of properties across the country.

Procurement company The Buying Team has taken 2,250 sq ft on the top floor of the building following the deal.

The building totals 48,289 sq ft over seven floors. Zurich currently occupy four floors, leaving 19,680 sq ft vacant which is currently been marketed at £19.50 per sq ft by property agents Knight Frank and CBRE.

Dan Plummer, head of regional offices for F&C, said: “We are pleased to announce a letting so soon after we had bought 1 East Parade. The interest in the rest of this excellent building is strong and we hope to be able to announce further deals shortly.”

Ed Harrowsmith, of Knight Frank, said: “No 1 East Parade is one of the most sought-after and prominent office locations in Leeds and, given the increase of demand for offices specifically in this area, we fully expect the building to let quickly.”

Alex Hailey, of CBRE, added: “1 East Parade is superbly located at the intersection of East Parade and St Paul’s Street and is very close to the city’s main transport networks. It is one of the finest office buildings in the central business district offering quality accommodation to tenants such as The Buying Team.”