The former restructuring business of accountancy giant KPMG has added to a bumper period of activity in Leeds’ office market, despite ongoing questions over how the pandemic will reshape companies’ real estate portfolios.
Interpath Advisory, formed last year through a buyout of KPMG’s UK restructuring arm, has taken 3,481 sq ft at the recently completed Tailors Corner on Thirsk Row. Headquartered in London, Interpath has set up shop in Edinburgh, Birmingham, Glasgow, Nottingham, Reading, Newcastle, Aberdeen, and now Leeds.
The company has a team of 45 people in Yorkshire, led by managing directors James Clark, Kenny McKay and Howard Smith. Clark said: “Being in such a central location in the heart of the local business community will give us the flexibility to collaborate across our growing team as we continue to launch our new business lines and services.”
Speaking to EG while Tailors Corner was under construction last year, Mark Wilson, a director at leasing agent Savills, said the former factory illustrated the ongoing “revival” of that part of the city centre.
“Some of the historic CBD – some of the older buildings that were starting to become a bit physically obsolete – people are coming in and redeveloping them on a wholescale manner and bringing in the wellbeing that occupiers really need,” Wilson said.
Research from the Leeds Office Agents’ Forum showed an 85% increase in take up year-on-year to 624,192 sq ft of city centre offices during 2021.
Another new entrant to the city is Gateshead-based Smart IT, which has expanded its business to a second location, with a new office opening at 15 Queen Square. Flex office provider Cubo is set to open its doors at Wellington Place in the coming weeks, while developer McLaren Property has made its first move outside London to Clockwise Leeds.
McLaren Property regional managing director Tom Gilman, who will be heading the office on Greek Street, said the company’s choice for an out-of-London base was driven by the concentration of the company’s investments in the regions, with the majority of projects, including the Leonardo and Thoresby student accommodation scheme, located in Leeds.
“Although we have developments in Manchester and in the Midlands, Leeds is a good location to a get into a number of sectors, commercial and student,” said Gilman. “You can service lines in the North East and the Midlands from Leeds as well. So it is a good base itself as a location, and for servicing other opportunities.”
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