17 DECEMBER 2021

Grosvenor enters Leeds office market with third regional acquisition in 2021

Grosvenor has completed the acquisition of Toronto Square, a landmark office building in Leeds from a fund advised by J.P. Morgan Global Alternatives.

The building, which holds a BREEAM Excellent rating, provides 88,500 sq ft of Grade A offices and is 96% let to occupiers including CBRE, Bevan Brittan, Franklin Templeton and Quilter.

Keith Bailey, Investment Director, Grosvenor, commented: “Toronto Square is a highly respected sustainable prime office building, which has proven to be popular with Leeds occupiers. Following on from the recent refurbishment works undertaken by J.P. Morgan, we will continue to invest in the building’s amenities and environmental performance to maintain its reputation as one of the market’s landmark office locations as supply of new space tightens and levelling up opportunities increase.”

GBI’s Investment team actively manages a c£1 billion UK property portfolio, comprising assets and projects outside of its Mayfair and Belgravia holdings. Its focus is on income producing assets where it can enhance their environmental, social and commercial performance and build scale in new markets.

In June 2021, Grosvenor completed its first acquisitions under the new strategy: 134 Edmund Street, an 85,000 sq ft office building in Birmingham’s central business district, and The Hive, an 80,000 sq ft office building in Manchester’s Northern Quarter. The portfolio also includes Grosvenor’s Strategic Land business and stake in Liverpool ONE.

JLL acted for Grosvenor and Savills and CBRE for J.P. Morgan Global Alternatives. The terms of the transaction are not disclosed.

About Grosvenor

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Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.

We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.  

With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities. 

Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term.

For more information contact:

Rachel Garstang

Head of Corporate Communications & Stakeholder Engagement Grosvenor

+44 (0)20 7312 2341 ext.6957

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