A Hong Kong-based enterprise has chosen to set up its first UK headquarters in the northern city of Manchester after agreeing a deal to rent out office space.

Manchester’s City Tower will be the new home for serviced office provider, Compass Office. The firm has agreed a deal to take over 9,131 square feet in the city centre-based office block, which is owned by Schroders, a property management company.

The lease will see Compass Office occupy the offices on the tower’s 13th floor for the next 10 years. The arrangement will see the firm pay £21.50 per square foot, making it a new headline rent for City Tower’s mid-level office space.

Compass Office currently has office in over 50 different locations spanning over 10 countries worldwide, with this particular move confirming the firm’s intentions to enter the UK market as part of its latest expansion strategy.

Schroders’ investment manager, Tom Newman has said that Compass is one of the fastest growing companies in its industry in the Asia Pacific region and always locates its offices strategically in major cities around the world. This makes Manchester city centre the perfect choice for their first base in the UK.

City Towers is quickly becoming one of the most sought-after locations in the city due to its Grade A quality suites. The building was purchased by Schroders last year and it is currently in the process of refurbishing any unoccupied spaces. Office space varies between 700 and over 9,000 square feet across 28 floors.