Manchester office changes hands after Candour takeover 

Trammell Crow Company, a subsidiary of CBRE, is the new owner of 39 Deansgate, which has planning permission to be redeveloped into a 200,000 sq ft grade A workspace. 

TCC has acquired Candour and with it the rest of the company’s 850,000 sq ft UK office portfolio. 

As well as 39 Deansgate, or Speakers House, the portfolio includes the Welcome Building in Bristol, two offices in London, and a logistics scheme at Heathrow. 

Candour, founded in 2019, bought Manchester’s 39 Deansgate from Aegon Property Income Fund in February. 

The proposed redevelopment of the site was rejected against the advice of city planners in early 2021 before securing approval 12 months later. 

The scheme, designed by Sheppard Robson, proposes demolishing the existing 40,000 sq ft block on the corner of Deansgate and building a 17-storey grade A replacement. 

As part of the Trammell Crow takeover, Candour’s founders Toby Pentecost and Dan Rees will join TCC as senior vice presidents and co-heads of UK offices. 

“We are excited to be accelerating our growth and expansion with TCC,” Pentecost said. 

“Together [with TCC] we will have the capacity to create even more prime, sustainable developments that inspire the world of work and that will allow us to continue to serve our occupiers and capital partners and provide positive returns for all our stakeholders.  

He added: “The opportunity to help lead the largest US developer’s expansion into the European offices marketplace for the first time is a tremendous endorsement of what we have created with Candour.” 

Trammell Crow is no stranger to the North West. Just last month, Rochdale Council approved the developer’s plans for a 475,000 sq ft logistics scheme in Heywood.

David Neuman, president of Europe at Trammell Crow Company, said: “UK office sector fundamentals remain attractive, particularly for well-conceived, newly developed, ESG-focused properties.  

“The team’s entrepreneurial spirit and focus on developing best-in-class, ESG-focused projects and maximising outcomes for all stakeholders is aligned with our firm’s philosophy.