XPS Pensions Announced As First New Occupier Following £7.5m Refurb

 

Catella APAM (“APAM”), the specialist UK real estate asset and investment manager, has secured its first new occupier at 1 City Square in Leeds since acquiring the building last year and committing to a £7.5m comprehensive makeover.

XPS Pensions Group has signed a 10 year lease for the third floor of 1 City Square, totalling 10,819 sq ft. XPS Pensions Groups is the largest pure pensions consultancy in the UK and employs some 1,100 staff across 15 UK locations. The firm, which was represented by CBRE in its office search, will be relocating its Leeds office from its current base on South Parade into 1 City Square once the refurbishment works have completed this summer.

The 108,000 sq ft, 11 storey building occupies one of the most prominent locations in Leeds City Centre, opposite the train station and at the gateway to the Central Business District CBD. The building is already home to major occupiers including Deloitte, Allied Irish Banks and LDC Lloyds. APAM appointed Ardmac as contractor in 2019 to commence a comprehensive refurbishment and remodelling programme to create a new atrium and entrance as well as 46,196 sq ft of high quality office workspace over five floors. The works, which will complete this summer, also include a café coffee shop, business lounge, fitness studio with a full programme of events, electric car charging points and cycle storage and with shower and changing facilities.

APAM senior asset manager, Peter Owen, said; “Work is progressing extremely well at 1 City Square and it is fantastic to see the works taking shape to allow the building to reach its full potential. We are delighted to be welcoming XPS Pensions Group into our tenant mix at this prestigious Leeds landmark. The delivery of the works will come at a time when there is very limited supply of Grade A stock available in the city centre and we are well positioned to welcome more new occupiers in due course.”

Alex Hailey, Director of Office Agency at CBRE, continued; “APAM has ensured that the investment is well directed into creating an outstanding occupier experience at 1 City Square, with collaborative working areas and wellness initiatives playing a key part of the works. This, combined with its prime location, will enable XPS to attract and retain talent as well as maximising productivity for its valued customers.”

APAM currently manages £1.6bn of UK assets including a circa £450m UK-wide office portfolio for Britannia Invest which includes 1 City Square.

CBRE and Knight Frank are agents for 1 City Square.