Munich-based, privately-owned real estate family office AM alpha purchased 196 Deansgate, a commercial building in Manchester, UK, for an undisclosed sum. The seller is Commercial Estate Group (CEG).

The property was designed by one of Manchester's most respected architects, Charles Heathcote, in the Edwardian Baroque style and built in 1904. Grade II-listed and located in the Deansgate/Peter Street Conservation Area, the building opened in 1908 as the Royal London Friendly Society.

The property is located near Spinningfields, an established office district with a diverse gastro and entertainment scene. The Manchester location offers plenty of growth potential, says AM alpha, which acted on behalf of a pension fund manager from Hamburg. Cushman & Wakefield and CMS advised AM alpha on the deal.

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"As an independent family office, AM alpha can invest anti-cyclically," says Martin Lemke, managing director of AM alpha, in a release on August 31.

The building has been extensively refurbished in recent years, with the latest phase of refurbishment completed in 2021. Today, the property offers high-quality open-plan, mostly Category-B offices that can be flexibly subdivided.

The 5,900 sqm (63,508 sq ft) of office and retail space is spread across a basement, ground floor and five upper floors. The space is almost fully leased.

196 Deansgate is the second property in Manchester owned by AM Alpha. The real estate family office is in the middle of a GBP 70 million revamp of the Grade-II listed former Debenhams store on Market Street into an office building with a shopping arcade.

In recent years, Manchester has seen significant development and become a major centre for technology, digitisation and creativity, notes AM alpha.