The Macclesfield-based property business has bought Tootal House at Spring Gardens, Manchester, for é10.5m, beating a bid from Bruntwood.
Although Bruntwood remains by far the largest single landlord in the city centre office market, controlling around one quarter of all office space, Magnus is determined to grow fast.
The latest deal comes at the end of a year in which Magnus has expanded rapidly. In January the firm revealed a é100m growth strategy and said it had a é20m war chest to fund new acquisitions. It paid é5.4m to buy the 26,000 sq ft former Direct Line Insurance offices at 44 Peter Street. Tootal House, which totals 37,000 sq ft, is currently occupied by a number of firms, including solicitors Halliwells.
Director Steve Widdowson said: "Tootal House is in a great location. We believe in the future of the city centre, and we know that demand from occupiers for city centre offices is high."
Magnus bought the building from the IMB Pension Fund, advised by Single VL and CBRE Investors. King Sturge acted for Magnus.
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