NOMA, the joint venture (JV) between Hermes Investment Management and the Co-op Group, has sold the CIS Tower.
Contracts have been exchanged with Castlebrooke Investments for the sale of the Manchester building, for a purchase price in excess of the £65m guide price. The Group and Co-operative Bank will remain as tenants in the building.
The 387ft skyscraper was built between 1959 and 1962 to showcase the co-operative movement in Manchester. It was the country’s tallest office building at the time of completion, and has 388,000 sq ft of office space over 28 floors on a 1.5-acre site.
The Grade II-listed structure was covered in solar panels in 2004-5 under a £5.5m renovation, which saw it feeding electricity into the national grid.
“The sale of The CIS Tower is part of our ongoing strategy to regenerate this important community in Manchester city centre,” said a spokesperson from NOMA.
“The Tower will remain a crucial part of the wider NOMA estate while the JV team focuses on developing key sites, including Dantzic, Hanover, and Redfern.
“The sale allows us to reinvest capital into NOMA while also maintaining momentum by bringing in other investment.”
A spokesperson at Castlebrooke added: “The CIS Tower is the most significant asset management opportunity remaining in Manchester.
“We are fully committed to working with NOMA as our neighbours, and occupiers the Co-op, to ensure the CIS Tower fulfils its potential, as well as building Manchester’s presence on the world property stage.”
