New Canary Wharf Tower to be built at 25 Churchill Place
Building half pre-let to the European Medicines Agency
Canary Wharf Group plc (“Canary Wharf Group”) and the European Medicines Agency (“EMA”) have agreed a pre-let of 250,000 square feet in a new office building of over 500,000 square feet to be constructed at 25 Churchill Place, Canary Wharf in London.
EMA will occupy the promenade, ground and the first nine office floors in the 20 storey building. The agreed rent is £46.50 per square foot commencing 1 January 2015 with five yearly upwards-only rent reviews. The length of the lease is 25 years with no breaks and EMA has options to take an additional four floors of around 27,500 square feet each. EMA will receive a 37 month rent free period, which will be used to pay for EMA’s fit-out of the building.
In accordance with Canary Wharf Group’s development strategy, the building’s substructure has already been completed. Work on the tower will begin in the fourth quarter of 2011. The building of 25 Churchill Place is a symbolic milestone as it completes the development of the original Canary Wharf masterplan.
The balance of the space will be marketed by Canary Wharf Group as construction progresses. As a result of the pre-let to EMA, Canary Wharf Group is in advanced discussions about funding for the project with a number of lenders.
25 Churchill Place will be one of the most energy efficient office buildings on the Canary Wharf Estate to date. Environmental features will include elevators that store and reuse energy elsewhere in the building, the latest ultra-efficient air-conditioning equipment that recycles the energy from exhaust air and photo voltaic cells to generate energy from the sun’s rays. The building will also have a ‘green’ roof, which enhances biodiversity and energy efficiency. 25 Churchill Place will achieve an ‘excellent’ BREEAM environmental performance rating and an Energy Performance Certificate (EPC) rating of 40 or better.
As many as 1,000 direct jobs and several thousand indirect jobs will be supported in the construction and supply of materials and components, giving a further boost to the local economy.
George Iacobescu CBE, Chairman and Chief Executive of Canary Wharf Group plc said: “We are very pleased to provide the European Medicines Agency with a building that responds to their new requirements, offering new technology and significant organisational and environmental efficiencies. It demonstrates our continued ability to deliver superior office space and infrastructure for a broad range of world-class organisations.”
Construction of the shell and core and fit-out will be undertaken by Canary Wharf Group. The architects are Kohn Pedersen Fox Associates.
Canary Wharf Group was advised by CB Richard Ellis and Jones Lang LaSalle. EMA was advised by BNP Paribas.
For further information please contact:
Group Company Secretary
Tel: 020 7418 2312
Notes to Editors
· EMA is moving staff to 25 Churchill Place from 1, 7 and 11 Westferry Circus, also at Canary Wharf in London, where it currently occupies around 225,000 square feet. These buildings are not part of the existing Canary Wharf Group rental portfolio.
· In addition to 25 Churchill Place, Canary Wharf Group has planning consent in place to build a further:
o five office buildings on the Canary Wharf Estate comprising 5.29m sq. ft.,
o Riverside South on behalf of J.P. Morgan (1.9m sq. ft) and
o Wood Wharf, a 4.5m square feet joint venture development adjacent to Canary Wharf in which Canary Wharf Group has a 25% share.
· The square feet figures expressed in this announcement are Net Internal Area.
· Much of the construction equipment and materials will be transported by water, reducing carbon emissions and congestion on local roads.
· The height of 25 Churchill Place is 128.4m metres above ordnance datum
About Canary Wharf Group plc
Canary Wharf Group has achieved one of the greatest feats of civic transformation – an iconic urban regeneration, designing and constructing over 15 million square feet of office and retail space across its 97 acre East London Estate.
Current projects underway outside Canary Wharf include the 20 Fenchurch Street ‘Walkie Talkie’, which is a joint venture with Land Securities and the redevelopment of the Shell Centre on the South Bank, a joint venture with Qatari Diar.
There are more than 200 shops, bars and restaurants at Canary Wharf. Recent fashion openings include Levi Strauss and Charles Tyrwhitt. Seven new bars and restaurants have opened in the past 18 months to critical acclaim, creating over 400 jobs.
Canary Wharf’s world-class Arts & Events programme includes over 100 events each year and more than 60 art works by 45 artists and designers is found throughout the Estate. Temporary art exhibitions run throughout the year, with recent exhibitors including Peter Randall-Page, Phillip King and Phyllida Barlow.
20% of the Estate is landscaped parks, plazas and walkways with over 1,000 trees, 88 floral species and each year 70,000 seasonal plants are planted.
Canary Wharf also has one of Britain’s highest concentrations of ‘green’ roofs, reducing energy use and encouraging biodiversity. Canary Wharf Group plc is one of the Sunday Times Best Green Companies in Britain.
95,000 people work at Canary Wharf, with the population projected to double by 2025.
Canary Wharf Group is backing Tower Hamlets bid to achieve City Status.
Canary Wharf Group plc is an integrated property development, investment and management group of companies.
About the European Medicines Agency
Information on the work of the European Medicines Agency can be found on its website: www.ema.europa.eu