LONDON—Canary Wharf Group plc and Societe Generale have agreed a pre let of around 280,000 square feet in a new 700,000-square-foot office building to be constructed by Canary Wharf Group plc at 1 Bank Street, Canary Wharf in London.
Societe Generale will occupy the ground and first to seventh floors in this 26-story building on a 25-year lease at a rent of about $76 (£47.50) per square foot and 36 months rent free commencing from the summer of 2019. Societe Generale also has an option to hand back a floor of approximately 31,000 square-foot at year 10 as well as options to take additional space on levels 8 and 9.
Work commenced on this site earlier in 2014 and the remaining space in the development will be marketed to potential office tenants as construction progresses.
The building will be one of the most striking, modern office buildings in London, benefiting from three state of the art trading floors, upper floors all linked by a spectacular atrium with interconnecting staircases and a large terrace at the base. This building will enable Societe Generale to consolidate their London operations from its three current locations into one.
George Iacobescu CBE, chairman and CEO of Canary Wharf Group plc, says, “We are pleased to welcome Societe Generale, one of the most important European institutions, and to be able to provide them with a technologically advanced building which responds to their new requirements. This pre-let demonstrates the enduring attraction of our high quality office space and infrastructure to a broad range of world class organisations. Societe Generale will join over 105,000 people already working at Canary Wharf with companies providing a range of services in diverse sectors.”
Richard Archer, head of leasing and marketing at Canary Wharf Group plc commented:
“We're very proud to announce this material pre let today. Working closely with Societe Generale, we will ensure that the new building at One Bank Street both meets the requirements of their core London businesses and provides a dramatic new addition to Canary Wharf comprised of the type of high quality office space existing and prospective tenants expect from us.”
DTZ acted for Soc Gen and CBRE, JLL and GM Real Estate acted for Canary Wharf Group.
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