Moody’s expands Manchester office at 55 Princess Street 2026

Key Points

• Moody’s has increased the space that it occupies at 55 Princess Street, in the Manchester city centre, from 3,600 sq ft to 9,000 sq ft.
• The credit ratings agency has signed a ten-year lease with Seneca Property at the premises near Manchester Town Hall.
• Seneca Property purchased the 57,000 sq ft office property from Abrdn early this year for £20m.
• The increase in space comes on the back of an extensive refurbishment of the premises that has included reception and common areas as well as office spaces in the entire building.
• Now, following the completion of the repositioning of the building, Seneca has released the remaining two fourth-floor suites measuring 3,725 sq ft and 4,660 sq ft.
• Jeff Morton, Chief Executive Officer of Seneca Property, has said that the deal is a “strong endorsement” of the building.

Manchester (Manchester Mirror) September 09, 2026 – Moody’s has significantly increased its presence in Manchester city centre, agreeing a new 10-year lease that takes its occupancy at 55 Princess Street to 9,000 sq ft, more than double its previous 3,600 sq ft footprint, according to reporting by Neil Tague of Place North West. The expansion comes as landlord Seneca Property completes a wide-ranging refurbishment and repositioning programme at the 57,000 sq ft office block, which it purchased from Abrdn in early 2024 when the asset was marketed at £20m.

As reported by Neil Hodgson of The Business Desk, the global ratings and financial information business has used the upgraded building to consolidate and grow its Manchester operations, providing what Seneca describes as a strong endorsement of the investment and repositioning works carried out since acquisition.

Moody’s lease expansion and footprint details

Moody’s, which had occupied approximately 3,600 sq ft at 55 Princess Street, has now secured a new 10-year lease that expands its total space to 9,000 sq ft within the building, Place North West reported. The deal sees the firm more than double its footprint at the property, which is located close to Manchester Town Hall and forms part of the city’s core office district.

The terms of the lease were not disclosed beyond the 10-year duration, but the scale of the expansion indicates a long-term commitment by Moody’s to its Manchester base as it continues to operate across financial ratings and related services in the region.

Seneca Property’s refurbishment and repositioning strategy

Seneca Property’s acquisition of 55 Princess Street in early 2024 marked the start of a planned upgrade of the 57,000 sq ft office building, which had been put up for sale by Abrdn at £20m, according to Place North West. The landlord has since delivered a comprehensive programme of works, including an overhaul of the building’s reception and communal areas alongside a revamp of office accommodation throughout the property.

The refurbishment was designed to improve the overall quality of the working environment and to reposition the asset within Manchester’s competitive Grade A and prime secondary office market. With the repositioning programme now complete, Seneca has moved to market the final two available suites on the fourth floor, comprising 3,725 sq ft and 4,660 sq ft respectively, as it seeks to attract further high-quality businesses to the building.

Landlord and occupier statements on the deal

Jeff Morton, chief executive of Seneca Property, said the occupier expansion was a “great result” for 55 Princess Street and demonstrated the impact of the investment made in the building, as quoted by Place North West.

“To see an existing occupier more than double its footprint and make a new 10-year commitment is a strong endorsement of both the building and the quality of the environment we have created,” Morton said.

He added: “With the wider refurbishment now complete and the final two suites launched, we believe 55 Princess Street is extremely well positioned to attract further high-quality businesses looking for a distinctive Manchester city centre base.”

The statements underline Seneca’s strategy of using targeted capital expenditure to upgrade existing stock and retain or grow major occupiers in a market where new Grade A supply remains limited in the near term.

Manchester office market context and supply dynamics

The Moody’s expansion occurs against a backdrop of tight Grade A office supply in Manchester, with no new-build office completions scheduled for 2026 and the next significant schemes not due until 2027–2028, according to market analysis cited by CRE Insider and Pro-Manchester.

Research from Deloitte indicates that refurbishment now accounts for more than 68 per cent of Manchester’s office pipeline, up from around 30 per cent a decade ago, as landlords and investors focus on upgrading existing assets to meet occupier demand for quality space.

At the same time, prime office rents across the UK’s Big Ten regional markets, including Manchester, have been rising, with new-build offices in the city quoting upwards of £55 per sq ft, according to BNP Paribas Real Estate’s Q1 2026 regional report. The combination of limited new supply, strong demand for best-in-class space and ongoing repositioning of secondary stock has intensified competition for prime and prime-secondary buildings in the city centre.

Background to the development at 55 Princess Street

55 Princess Street is a 57,000 sq ft office building in Manchester city centre, situated close to Manchester Town Hall and within the core business district. The property was acquired by Seneca Property from Abrdn in early 2024, having been marketed for sale at £20m, Place North West reported.

Following the purchase, Seneca embarked on a planned refurbishment and repositioning programme aimed at improving the building’s reception, communal areas and office accommodation to raise its overall quality and appeal to larger, quality-focused occupiers. The works were completed in 2026, with Moody’s expansion representing the first major post-refurbishment occupier transaction publicly disclosed at the address.

With the upgrade finished, Seneca has brought the final two suites on the fourth floor to market, offering 3,725 sq ft and 4,660 sq ft of space, as it looks to fill the remaining vacancy with additional high-quality tenants.

Prediction: How this development may affect Manchester office occupiers and investors

Moody’s decision to more than double its footprint at 55 Princess Street and commit to a 10-year lease is likely to reinforce confidence among other occupiers considering similar long-term commitments in Manchester’s city centre, particularly in refurbished buildings that offer a clear quality uplift. For businesses seeking Grade A or prime-secondary space in a market with minimal new supply until 2027–2028, the deal signals that well-upgraded assets can attract and retain large, credit-worthy tenants even without brand-new construction.

For investors and asset managers, the transaction provides evidence that targeted refurbishment programmes in central Manchester can deliver tangible occupier outcomes, potentially supporting valuation stability and rental growth for similar assets. In a market where prime rents are trending upwards and flight-to-quality dynamics remain strong, deals of this nature may encourage further capital deployment into upgrade projects across the city’s existing office stock.

For local businesses and professional services firms, the presence of a major global ratings agency expanding in the building may enhance the profile of 55 Princess Street and the surrounding area, potentially drawing related professional and support services to the vicinity and contributing to the broader vitality of the city centre office cluster.