Standard Life Investments has purchased 55 Princess Street in Manchester.
The vendor was Benson Elliot and the sale price was £22.4m. This reflects a net initial yield of 5.56%.
55 Princess Street consists of 51,700 sq ft of grade A office space arranged over six floors. The building was completed in 2008.
Tenants in the property will include Trowers & Hamlins, who will occupy just over 17,000 sq ft of office space over the first and second floors on a ten year lease.
JLL acted for Standard Life Investments.
55 Princess Street is asset managed by Cube Real Estate.