Canary Wharf Group plc (“CWG”) and Shell International Limited (“Shell”) have concluded the letting of approximately 187,000 sq ft of space in 40 Bank Street, Canary Wharf.
Shell has taken a lease on 10 floors for a term of 15 years (subject to a tenant break at the expiry of year 10) at a rent of £37.50 psf for the office space. Shell has also acquired an option to call for a further two floors within three months of the date of exchange of legally binding documentation. With the exception of one floor, all of the 187,000 sq ft is in shell and core condition and has a rent free period of 42 months. The leases have a 12 month penalty if the break at the 10th year of the term is exercised.
George Iacobescu, Chief Executive of CWG said “We are delighted to welcome a world leading occupier such as Shell International Limited to Canary Wharf. This is a worthy addition to the increasingly diverse range of occupants. The letting is also a demonstration of the continuing attraction of our high specification office space and flexible approach in meeting occupier’s needs”.