Thursday 23 October 2014 – Media Release
Societe Generale to lease 280,000 sq ft in new Canary Wharf Office Building
Canary Wharf Group plc and Societe Generale have agreed a pre let of around 280,000 sq ft in a new 700,000 sq ft 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 storey building on a 25 year lease at a rent of £47.50 per sq ft 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 sq ft 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 3 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 their 3 current locations into one.
Sir George Iacobescu CBE, Chairman and Chief Executive Officer of Canary Wharf Group plc said:
“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.
For further information please contact:
John Garwood or Elizabeth Adams, Canary Wharf Group plc
+44 (0) 20 7418 2000
Notes to editors
– Soc Gen is consolidating staff in 1 Bank Street from 3 separate locations in London at Tower Hill, Exchange House and Bishops Square.
– In addition to 1 Bank Street, Canary Wharf Group has planning consent in place at Canary Wharf to build a further 6.12m sq ft of office space and around 3,700 residential units at its Newfoundland and Canary Wharf extension projects.
– The Group is also involved in a joint venture with Qatari Diar to redevelop the Shell Centre on London’s South Bank which will comprise 0.83m sq ft of residential space, 0.52m sq ft of office space and 0.08m sq ft of retail space
– The sq ft figures in this announcement are expressed as Net Internal Areas
About Canary Wharf Group
Canary Wharf Group plc is an integrated property development, investment and management group of companies. It is focussed on the design, construction, leasing and management of grade A office space and high-quality retail, residential and leisure facilities in central London. Over the past 20 years Canary Wharf Group has regenerated derelict wharves into one of the world’s premier business and shopping districts, constructing over 16m sq ft of office space; more than any other company in London. These buildings are now occupied by over 105,000 people.
Canary Wharf Group’s tenants include some of the world’s leading business organisations from the media, legal, accounting, financial services, IT, energy and transport sectors. Canary Wharf Group has also developed and successfully let over 300 shops, bars, cafes and restaurants to many of Britain’s leading brands.
In addition to development on the Canary Wharf Estate, the Group is also involved with projects across London. The Pan Peninsula and Drapers Gardens developments have been successfully completed and construction continues on 20 Fenchurch Street (Walkie Talkie) in the City of London which is nearly fully let. The Group is also in a joint venture with Qatari Diar for the redevelopment of the Shell Centre on London’s South Bank.