Federated Hermes has found a buyer for a flagship Manchester office less than two months after putting it on the block for £120 million.
In October the global investment manager appointed Savills to sell 4 Angel Square, with the quoting price reflecting a net initial yield of 6.5%.
Built in 2023, the development is best known for hosting American international financial firm Bank of New York Mellon, with the company signing a long-term lease for the entire 200,000-square-foot building last year.
Fresh from its lease deal, CoStar News understands that the occupier is looking to make the building its own and is under offer to buy 4 Angel Square from Federated Hermes for a sub-7% yield.
It is understood that the financial services giant went under offer on the building last week. The bid comes as the firm reorganises its regional offices portfolio, reducing its footprint in Edinburgh and closing its Liverpool offices.
Federated Hermes and Savills declined to comment, while BNY Mellon was approached for comment but did not respond by the time this article was published.
The deal, should it conclude, would be one of the largest in the city for a number of years. Earlier this year M&G offloaded 101 Embankment to Melford Capital for around £75 million.
In 2023, One Angel Square, another building in the wider NOMA development near Manchester's Victoria station, was sold by Gingko Tree Investment to Menomadin Group for circa £140 million.
Bank of New York Mellon's UK headquarters is at 160 Queen Victoria Street in London where it occupies around 170,000 square feet.