Knight Frank brokers significant office deals

Global property consultancy Knight Frank has brokered two significant office deals at the refurbished 2 Embankment by the River Aire in Leeds.

Leading Leeds law firm Lupton Fawcett has taken 11,510 sq ft on a 10-year lease, with insurance brokers PIB occupying 2,631 sq ft on a five-year lease. The rent is £23.50 per sq ft.

There is only 873 sq ft of space left to lease on the ground floor and 3,269 sq ft on the second floor.

Victoria Harris, senior surveyor with Knight Frank’s office agency team in Leeds, who advised CBRE Investment Management, said: “These are significant deals, underlining the fact that the recently refurbished 2 Embankment is now one of the most attractive Grade A office buildings in the city. The 18,000 sq ft building already boasts flourishing occupiers, Surfachem, TYR Law and IncSpaces.

“These occupiers underpin the high quality of 2 Embankment and its excellent location in Sovereign Street overlooking the River Aire within the popular southern professional quarter of the city. It is only a few minutes’ walk from the southern entrance to Leeds Station and Leeds’ retail core.

The Embankment development itself is home to a wide variety of high-profile occupiers including KPMG, Addleshaw Goddard and Yorkshire Building Society.
Elizabeth Ridler, partner with Knight Frank’s office agency team in Leeds, commented: “These deals emphasise the strength of the Leeds office market, which is proving remarkably resilient in the face of the global pandemic and other economic pressures.

“There is no doubt that the extensive refurbishment of 2 The Embankment has led to a flurry of interest in the building. The refurb includes new reception and lift lobbies, together with new cycle hub and shower facilities, new VRV air-conditioning and on-site electric car-charging ports.

Elizabeth added: “Now that the uncertainty around HS2 coming to Leeds is over, we expect the Embankment area of Leeds to become an even more popular location than before.”

James Richardson, Lupton Fawcett’s managing partner, commented: “Our relocation to 2 The Embankment is the latest in a series of investments to support the next phase of our growth.

“Our new office offers an improved working environment for our people and its location in the heart of the business centre of Leeds makes us more accessible to clients than ever.”
The Leeds office of CBRE acted for Lupton Fawcett.