Speculative £85m development close to Channel 4’s headquarters set to provide economic boost for Leeds

Markel is taking 20,000 sq ft of prime office space at developer MRP’s City Square House in Leeds on a 15-year lease. The deal was brokered by the Leeds office of global property consultancy Knight Frank.

City Square House is a 140,000 sq ft speculative £85m development and the only remaining undeveloped property fronting City Square.

A spokesman said: “Its stunning design, with extensive use of glass and steel, will provide an unrivalled presence in both City Square and the adjacent Leeds Station. The prime workspace will comprise Grade A office accommodation over 12-storeys including low carbon credentials, terraces on the fourth, fifth and sixth levels and extensive

cycling, electric vehicle and e-bike charging point facilities.”

The building is scheduled for completion by the end of this year, by design and build contractors McAleer & Rushe. It will stand close to the Queens Hotel and the Majestic office development, which is Channel 4’s corporate headquarters.

Markel, which will be occupying floors nine and 10 of City Square House, will be joining global law firm DLA in the building. DLA has taken 83,000 sq ft, leaving 37,000 sq ft of office space still available.

“Markel remains committed to Leeds and growing our business, this is demonstrated in our investments in both the office and our people,” said Markel UK’s divisional managing director, Neil Galjaard. “We are pleased to take on such a prestigious building in a prime, central location.

"The office will be the perfect setting to achieve our growth ambitions and demonstrates our commitment to investing in our current and future workforce.

"Leeds has an extensive pool of talent, and with a bigger space to grow into we hope to support the local economy.”

Angus Monteith, Development Director at MRP said: “We are delighted to welcome a company with such an excellent reputation as Markel to City Square House. This is a resounding endorsement of our development, which is a bold £85m investment in Leeds and which will provide high specification, flexible Grade A workspace in the heart of the city centre.

“A 15-year pre-let deal with Markel is a very significant and positive statement of intent in the long-term future prosperity of office space in Leeds and, indeed, in urban centres throughout the UK.”

Eamon Fox, partner and head of office agency at global property consultancy Knight Frank in Leeds, advised Markel in connection with the deal.

He said: “City Square House is the iconic new office development that the Leeds market has been waiting for. It is in a prime position, just off City Square and next to Leeds Station, and the remaining available space of 37,000 sq ft will help to address the pressing need for quality

Grade A office space in the city centre.

“This is a significant deal for the city of Leeds, a vote of confidence in the city and its economy. Amid this challenging economic climate, this is just the boost the whole region needed and a genuine cause to be optimistic about the commercial property sector in Yorkshire.”