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Tower reduction plan

Canary start

Architect replaced

Canary scheme update

Banks to fund scheme

Cheapside consent

Developer appointed

New Canary Wharf application

Dockland scheme to continue

Southbank opportunity

Major Docklands deal

Docklands consent

Docklands scheme doubt

Cranes at Canary

Docklands scheme cleared

Smaller scheme for Canary site

Walkie Talkie update

Revised plans to be submitted

Heron Quays latest

Site sale in E14

New plan for City site

Riverside team

Canary start

Occupier to free up space

Wood Wharf application

Consent for Canary tower

Wood Wharf outline plans

JP Morgan changes plans

Consent for Canary tower

Consent for huge Docklands scheme

City scheme to start

South Quay office consent

Major Docklands letting

New scheme in E14

Canary Wharf application

Riverside South preparation

Work underway in E14

Docklands office application

Pre-letting at Canary Wharf

Project manager appointed

New Churchill Place scheme

Dockland towers application tipped

HQ is underway

Canary Wharf plan

Canary consent

Riverside South mooted for start

Churchill Place full

Contractor tipped for City scheme

Major refurbishment in Finsbury Circus

Docklands construction at last

Refurbishment in SW1

Canary Wharf consent for 4m sq ft office scheme

Wood Wharf appointments

Lehman Brothers close to finding partner?

Lehman to sell 800k Northgate site

Songbird wins Canary

British Waterways progresses E14 Wharf

New EC3 refurbishment

Reuters Canary move

Canary Wharf offers go to 300p

2nd place to HM Government

Canary vacancy rate rises

Morgan Stanley sub-let at HQ1

Dome application made

Thames Exchange gains consent

Project Glasgow

Canary Wharf looks to the City

Four new towers for Canary

Victoria Plaza revamp

Canary to return £2bn

More Canary Wharf?

Move date for Morgan Stanley

Underdog's sterling work takes the Stirling Prize

Enron to take 1.4m sq ft at Canary Wharf

Clifford Chance to take tower at Canary Wharf

Citigroup takes all of 25 Canada Square

DS-1 Canary Wharf underway as a speculative scheme

Morgan Stanley pre-let 15 Westferry Circus

Citigroup increases space at Canary Wharf

Canary Wharf announces new retail schemes

HRO International buys SW1 building

Bank of America linked to More London Bridge

Canary Wharf adds £288m to portfolio

Debenham's said to be front runner at Canary

Morgan Stanley top of the Wharf

Docklands scheme progress

Canary Wharf Group has bought ownership of the Wood Wharf Limited Partnership from British Waterways and Ballymore Properties. Canary Wharf Group will now have control of design over the 16.8 acre Wood Wharf mixed use development scheme site, which is immediately adjacent to the Canary Wharf. Wood Wharf will comprise 1.25 million square feet of residential development, 200,000 sq ft of retail, 3.1m sq ft of offices and a 200,000 sq ft hotel with a single outline planning consent in May 2009. Detailed consent was subsequently granted for the three office buildings closest to the Canary Wharf estate totalling 1.5m sq ft net in July 2009. - (20-01-2012)

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Docklands pre-let

The European Medicines Evaluation Agency (EMEA) is to pre-let of 23,226 sq m (250,000 sq ft) at 25 Churchill Square, Canary Wharf, London, E14. The EMEA is expected to occupy the promenade, ground and first nine floors of the 20 storey office in 2014/2015. EMEA is thought to have agreed a rent of £46.50 on a 25 year lease with no breaks starting in January 2015. The agency is reported to have the option of taking an additional four floors of around 2,555 sq m (27,500 sq ft) each. A 37 month rent free period has been agreed which will be used to pay for the building’s fit-out. - (16-09-2011)

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Towering Ambition

London’s next development cycle is now well underway with some 30 office schemes starting in the last six months, amounting to 510,962 sq m (5.5m sq ft) of new space coming on-stream.

Skyscrapers are topical again, and in this CityOffices newswire we look in detail at the unprecedented ‘clutch’ of new office towers (defined as 20+ storeys) nearing completion, underway and planned.

The last development cycle saw completion of the 37,160 sq m (398,000 sq ft), 34-storey Broadgate tower, EC2, now largely fully let; the 38,740 sq m (417,000 sq ft) 36-storey 125 Old Broad Street, EC2 has only 5,000 sq ft still available; the 55,091 sq m (593,000 sq ft), 36-storey Ropemaker Place, EC2, which is fully let; and the 25-storey, 30,750 sq m (331,000 sq ft) Drapers Gardens scheme in Throgmorton Avenue, EC2, which was pre-let.

All the above towers are in the City of London and interestingly there were no skyscrapers completed in Canary Wharf in the last cycle, or, less unusually, in the West End, Midtown or fringe. The almost-complete 59,921 sq m (645,000 sq ft), 46-storey Heron Tower in Bishopsgate, EC2, will end the tower building activity for the 2006-2011 property cycle.

The next cycle will see completion of the 75,901 sq m (817,000 sq ft), 80-storey, Shard, SE1 in 2012; the 63-storey, 111,482 sq m (1.2m sq ft) Pinnacle, EC2, in 2013; the 37-storey, 79,895 sq m (860,000 sq ft) 20 Fenchurch Street, EC3 (Walkie Talkie) and 47-storey, 67,075 sq m (722,000 sq ft) Leadenhall Building (Cheesegrater) both in 2014.

Schemes which are not yet under construction and may be completed in the next cycle are the 40-storey, 71,534 sq m (770,000 sq ft) 100 Bishopsgate, EC3, where a 2011 start is envisaged; the 22-storey, 27,870 sq m (300,000 sq ft), 60-70 St Mary Axe, EC3 (Can of Spam); and the 21-storey 93,440 sq m (1m sq ft) Aldgate Place, E1.

Elsewhere, a possible 20-storey plus scheme is being designed for Elizabeth House, and a 31-storey scheme for Kings Reach House, both in SE1. At Canary Wharf, the 2m sq ft redevelopment of Heron Quays is planned to include a 33-storey tower and there are still outstanding proposals for a 43-storey part office tower at Crossharbour; a 43-storey tower at Millharbour; and a 63-storey tower at the site formerly known as Columbus Tower in E14. In the West End, plans for the Victoria Interchange include a tower of up to 20-storeys.

The question is how successful are these new towers likely to be? The Gherkin (30 St Mary Axe) in EC3, has rapidly became a London icon, but 10-years ago, post 9/11, it was very slow to let, with over 50% still vacant on completion. Other high-rise buildings such as Centrepoint in the West End and 1 Canada Square at Canary Wharf were slow to let in the early days. Despite these examples developers seem keener than ever to build towers.

In total some 315,868 sq m (3.4m sq ft) of office space is under construction in five office towers, but still available, with a further 260,126 sq m (2.8m sq ft) in towers that could start in 2011 or 2012. These are big numbers, however, to put it in context, the City of London saw lettings of new unoccupied office space of 260,126 sq m (2.8m sq ft) in 2010, so a single year’s take-up could almost fill them. The five towers will be completed over a four-year period, during which they will currently face limited competition from newly completed, large, low-rise schemes in the City.





Experience from completed towers such as Broadgate Tower, 125 Old Broad Street and Ropemaker Place shows that the majority of lettings tend to be signed-up after the development has been completed. In general, only a small proportion of a tower’s floorspace is pre-let before completion. However, the experience of the recent letting of 17,744 sq m (191,000 sq ft) to Aon at the Leadenhall Building may indicate a more active pre-let market than previously for the new London towers.

An analysis of the occupiers of recently completed towers shows that the major share (51%) is taken-up by financial services with professional services (including law), in second place (23%). With the just two sectors accounting for 74% of deals done it is no wonder that these are the main targets for developers and their agents. .



An unusual ‘bulge’ of lease expiry and breaks due in the period 2013-15 has partly contributed to developers enthusiasm in starting new schemes in the last few months; and in-turn this has led to developers with refurbishment schemes to also leap into competitive starts to achieve completion before the towers come on-stream.

The future of the next generation of towers will depend on attitude of the 200 medium to large office occupiers in the City of London now actively looking for space, or with lease expiries due in the next four years. If occupiers show the same enthusiasm for high-rise working as those firms moving in the previous office cycle, then the new towers coming to the London skyline will succeed. it will just take a little time.

Andy King
Director
CityOffices.net

- (20-05-2011)

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Glasnost - Online Project, Contact & Image Management

City tower underway

Construction of Land Securities and Canary Wharf Group's “Walkie Talkie” building has finally got underway at 20 Fenchurch Street, EC3. Piling for the Rafael Viñoly designed building has begun with completion to ground floor planned for February 2012 and final completion anticipated in early 2014. When complete, the 37 storey building will provide 690,000 sq ft grade A office space in the City of London, topped by a public sky garden. Canary Wharf Contractors Limited, is the construction manager. - (19-01-2011)

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Office tower deal

Land Securities and Canary Wharf Group have formed the 20 Fenchurch Street Limited Partnership, a 50:50 joint venture to develop the Walkie Talkie office building in the City of London, at a development cost of £500m. The site has been sold by Land Securities to the Partnership for £90.2 million and will provide 690,000 sq ft of office space in EC3. Construction will begin in 2011 with Canary Wharf Contractors appointed as Construction Manager. - (19-10-2010)

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Office tower talks

Land Securities is now believed to be in talks with Songbird subsidary Canary Wharf Group to be the development partner and contractor for its 'Walkie Talkie' office tower scheme at 20 Fenchurch Street, London, EC3. The 660,000 sq ft mixed use development is expected to be complete by 2014. - (09-09-2010)

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May take-up increase

London office lettings in May 2010 reached 950,000 sq ft, after a return to the levels seen earlier this year. The total was underpinned by a 185,000 sq ft letting to Shell at Canary Wharf. Elsewhere the City is currently outstripping the west end and letting activity is picking up in Midtown. Figures compiled by Cityoffices.net - (06-07-2010)

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Application for Canary towers

Wood Wharf Limited Partnership, comprising British Waterways, Canary Wharf Group and Ballymore Properties, has submitted detailed plans for two office buildings at Wood Wharf, E14. The two office buildings (W01 & W02-03) will be located on the northern side of the site. Building W01 designed by Kohn Pedersen Fox Associates, will be 134m tall and provide 84,600 sq m (911,000 sq ft) of office space over about 30 storeys. Building W02-03, at a height of 194m, is designed by Clarke Pelli and provides 149,000 sq m (1.6m sq ft) of floor space over about 40 storeys. - (04-06-2009)

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JP Morgan pre-let deal

JP Morgan, the US investment bank, has announced a £237m deal to acquire a 999 year lease from Canary Wharf Group (CWG) on the Riverside South site at Canary Wharf, London, E14. The site has planning permission for 1.8m sq ft of office space in two towers and a ‘link’ building. Infrastructure work is underway but JP Morgan is still finalising the design of the buildings and will occupy in phases. The building will be the headquarters for all the banks European operations and could be completed in 2012 or 2013. CWG will act as development and construction manager. CWG will complete the design, planning, piling and raft construction and the bank will, subject to market conditions, decide when to instruct CWG to proceed with final construction. If construction of the building is postponed, or put off altogether, CWG will be paid for completed work and also retain £76m representing a portion of developers profits related to the development. - (18-11-2008)

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Wood Wharf outline approved

Wood Wharf Limited Partnership, comprising British Waterways, Canary Wharf Group and Ballymore Properties, has had its outline planning application for the development approved. The plans for the 7ha (17 acre) Wood Wharf site in London, E14, include 455,221 sq m (4.9m) sq ft of offies, retail and leisure space and 1,668 apartments. The scheme includes a £50m S106 agreement and a £100m contribution to Crossrail. Wood Wharf will be developed as four phases. Reserved matters on Phase 1 will be submitted in 2009. - (06-11-2008)

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Riverside South S106 agreed

The Riverside South development at Canary Wharf, London E14, has been granted planning permission by London Borough of Tower Hamlets. The 278,700 sq m (3m sq ft) scheme by Canary Wharf Group comprises twin office towers of 28 and 34-storeys. The permission is subject to a £20m Section 106 agreement. Knight Frank and CBRE are the letting agents. - (17-07-2005)

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Canary and Ballymore win Wood Wharf

British Waterways, the owner of the 8.3ha (20-acre) Wood Wharf site to the east of Canary Wharf, London, E14, has chosen Canary Wharf Group and Ballymore Properties as its preferred partners on the £2bn regeneration. Offices, residential and a hotel are planned. - (01-02-2005)

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Barclays deal with LandSec

Barclays Bank has agreed to sell 16 office buildings to Land Securities’ Trillium group. Barclays is moving London staff to a new 1m sq ft headquarters at Canary Wharf by May 2005, which will release 13 office premises. The bank will pay Land Securities to take on the commercial responsibility for the short-term leases. The deal also includes three office buildings at the Westwood Business Park in Coventry on which Barclays will take a 20-year lease back at around £20m and Land Securities will pay about £25m for the buildings. - (13-01-2005)

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British Waterways' shorter shortlist

British Land and a consortium of Canary Wharf Group, Ballymore Properties and Manhattan Loft Corporation, have been shortlisted by British Waterways to develop the 334,448 sq m (3.6m sq ft) office scheme, hotel and apartments, on a 8.3ha (20-acre) Wood Wharf site in London Docklands, E14. A final decision on the developer is expected in January 2005 and British Waterways is likely to want to retain a share in the project. Atis Real Weatheralls is advising British Waterways. - (04-12-2004)

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Canary Riverside South decision

The London Borough of Tower Hamlets has decided to grant planning consent for the Canary Wharf Riverside South development, subject to the agreement of the Mayor of London and the Government Office for London. The scheme is for two towers providing a total of 279,000 sq m (3m sq ft) of office and retail space. The towers will be 28- storeys and 34-storeys high and linked by a building at podium level. The planning permission is subject to a S106 agreement for around £20m to provide infrastructure improvements, a community fund and a park. - (24-09-2004)

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Songbird calls tune at Canary Wharf

Songbird Acquisition, the new name for the Morgan Stanley led consortium, has had it’s latest bid of 295p endorsed by the the independent directors at Caanry Wharf. CWG, the rival Branscan bid, backed by Paul Reichman, is thought to be still due to put its 275p offer to shareholders. The bid battle for Canary Wharf has now been going on for 10 months and the two groups have until the end of the week to send their offers to shareholders. - (20-04-2004)

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Columbus Tower approved

Columbus Tower, a 63-storey, 246m high, skyscraper, has been approved by London Borough of Tower Hamlets. The building, designed by DMWR architects and Weintraub Associates, adjoins Canary Wharf and is at the western end of West India Quay, London, E14. The project needs a Section 106 agreement to be signed and will also to be referred to the Greater London Authority and the Civil Aviation Authority. Columbus Tower is to be developed by SKMC, controlled by the Abu Dhabi royal family, and Farnham Properties. The scheme includes 30,000 sq m (322,920 sq ft) of office space, a hotel and health club, 2,200 sq m (23,680 sq ft) of retail space and a winter garden. The development could be completed by 2007. GVA Grimley is the planning consultant and DTZ is advising on the commercial space. - (30-03-2004)

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L&G appoints on Bucklersbury House

Legal & General has appointed French architect Jean Nouvel to design the redevelopment of Bucklersbury House in London, EC4. Jean Nouvel has previously been involved in early concept designs at Canary Wharf and will work in collaboration with Foster & Partners. Stanhope has been appointed as the development manager. The 1.3ha (3-acre) site is bounded by Cannon Street, Queen Victoria Street and Walbrook and includes Bucklersbury House, Temple Court and 9, Queen Victoria Street. The new development could provide a 139,353 sq m (1.5m sq ft) mixed-use office and retail scheme. - (30-03-2004)

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Morgan Stanley bids higher

The Morgan Stanley led ‘Silvester’ consortium has teamed up with British Land to increase the offer for Canary Wharf to £1.7bn. The consortium has raised its previous bid by £100m to 292p a share, above the rival Branscan offer of 275p. British Land will contribute £125m and take a 14.5 per cent stake in the Silvestor consortium. - (30-03-2004)

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British Waterways in search of a partner

British Waterways has launched an international competition to find a development partner for its 8.3ha (20-acre) Wood Wharf site, adjacent to Canary Wharf, in London Docklands, E14. This follows last years approval of a 464,511 sq m (5m sq ft) masterplan for the £2bn mixed-use scheme. The planned development includes 325,158 sq m (3.5m sq ft) of offices, retail and hotels, and 1,500 homes. The designs could include two office towers of 35-storeys, located at the western end of the site opposite Heron Quays. British Waterways, advised by ATIS Real Weatheralls, is thought to be intending to submit the first detailed planning applications for the site in 2005. - (16-02-2004)

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Morgan Stanley to raise offer?

Morgan Stanley is said to be looking for further equity backing to raise its bid for Canary Wharf and could have approached the government of Qatar, British Land and Liberty International. Morgan Stanley could be looking for an extra £200m for it’s bidding vehicle ‘Silvestor’ to raise its offer from 275p to over 292p and try to beat Brascan, which last week matched Morgan Stanley’s latest offer. The 14m sq ft Docklands office complex is now being valued at £1.6bn. The bids by Paul Riechmann, the former chairman of Canary Wharf collapsed two weeks ago and Brascan, the Canadian property and power company, is now thought to have the support of shareholders controlling over 24 per cent of the Canary Wharf shares. - (15-02-2004)

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Canary Wharf Group set deadline for offers

Canary Wharf Group has set a deadline of 13th February for Branscon, the Canadian property company, and Paul Reichman to make fully funded offers for the Docklands complex. The deadline is expected to clarify the position of the rival bidders to shareholders ahead of an extrodinary meeting on 23rd February, which is to vote on a recommended £1.56bn offer from a Morgan Stanley-led consortium. Recently Canary Wharf secured a £1.1bn investment deal with Royal Bank of Scotland on 5 Canada Square, let to CSFB, and 25 Canada Square, let to Citigroup. - (12-01-2004)

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US rivals may team up for Canary bid

Goldman Sachs and Morgan Stanley, the rival US investment banks, are said to be making a joint attempt to take control of the Canary Wharf development. The Whitehall Fund, part of Goldman Sachs and Morgan Stanley Real Estate fund are bidding against Brascan, the Canadian property group. Last week canary Wharf received sealed offers for the company. Property analysts are expecting offers of between 260p to 300p a share, putting a value on the company of around £1.5 billion. - (31-08-2003)

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Canary Wharf is bid target

Canary Wharf Group, the London docklands developer, is said to have been approached by “a number of parties” to take the company private. On the news shares in the company rose 46% to 263p, valuing the company at £1.54m. The company has formed an independent committee to deal with any potential bids and analyse other options. Morgan Stanley Real Estate, British Land, Land Securities, and Brascan Corporation of Canada are rumoured to be interested in buying the portfolio. In the Sunday papers price indications from prospective bidders are reported to be around 270p, at the lower end of range predicted by analysts. - (08-06-2003)

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Canary designs on new towers

Canary Wharf is thought to be about to unveil its scheme for two office towers providing 4m sq ft on a site at Riverside South and North Quay. The towers have been designed by the Richard Rogers Partnership and Cesar Pelli and will be part of an office, residential and leisure complex. A planning application will be submitted for the scheme but development is unlikely to take place until tenants have been identified. - (10-02-2003)

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Richard Rogers' twin towers

Canary Wharf Group has confirmed that the Richard Rogers Partnership is working on building designs for a riverside site to the south of Westferry Circus, London E14, and adjoining the Cascades residential scheme. The plans are said to be at an early stage and no details are being made available. However the scheme is thought to include two towers, each of around 37-storeys and 44-storey and could provide a further 148,643 sq m (1.6m sq ft) of office space or a mix of uses. - (16-02-2002)

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Canary Wharf raises £1.25bn

Canary Wharf Group, the property developer, issued new debt and increased the level of its asset-backed bonds by £1.25bn this week. The bonds are backed by rental cashflow from the Canary Wharf portfolio of 12 office buildings. Last year Canary Wharf raised £875m through an asset backed deal. On the basis of this deal it would appear that the securitisation of 'trophy' real estate developments has not been affected by the terrorist attack on the World Trade Centre. - (13-02-2002)

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HOK to design Barclays' tower

Barclays Bank has revealed the plans for its 30-storey headquarters tower at Churchill Place, Canary Wharf, London E14, which will accommodate 5,000 staff by 2005. The building is being designed by HOK International. Barclays has signed the final agreement with Canary Wharf Group to occupy up to 1 million sq ft of office space in the tower. The new building will be completed in late 2004 for occupation in 2005. - (28-11-2001)

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Revisions to Churchill Place

The elements of the Canary Wharf masterplan for the Churchill Place area, also known as the 'BP 1-3' sites, which was previously intended as a group of four buildings, is understood to be under revision. The redesign will see some increases in planned floorspace. The new masterplan would include the 92,902 sq m (1 million sq ft) tower on BP1, possibly nearing a pre-let to Barclays Bank, BP2 at around 32,515 sq m (350,000 sq ft), and BP3/4 at about 69,676 sq m (750,000 sq ft). - (19-11-2001)

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Canary predicts downturn

Canary Wharf Group has warned that the economic slowdown would "inevitably" lead to a downturn in demand in the London office market and a fall in rental levels. The group, which has just has reported £42.5m profits for the year, has decided not to start any further speculative development until the future for property and financial services is clearer. The group's current development programme is said to be two years ahead of schedule. The group is planning to apply for planning permission for sites in Docklands, which would increase its total office space by 50 per cent and lead to another 40,000 office workers at the development by 2010. - (14-09-2001)

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Barclays to take space at Canary

Barclays Bank has confirmed that it is has reached agreement in principle with Canary Wharf Group to take a new headquarters building at Canary Wharf, London E14. The bank is to take the BP1 site at Churchill Place, at the eastern end of the scheme. The building will be about 1 million sq ft and initially 60,386 sq m (650,000 sq ft) will be occupied by Barclays, with the flexibility to move into more space as required. Design work is underway and construction of the new tower will start at the end of 2001 and is due to be occupied by Barclays in 2005. Barclays Bank is being advised by Weatherall Green & Smith. - (05-09-2001)

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Canary looks to Tarmac site

Canary Wharf Consortium, the property developer, is said to be looking to buy a site from Tarmac to extend its 13.5m sq ft office scheme. Tarmac's office complex is at the western end of Heron Quays and was one of the first 'high-tech' developments in the Docklands area in the mid 1980's. It is now thought that the site could now accommodate an office development of over 1 million sq ft. Canary Wharf recently extended its ownership by buying a 6.7-acre site to the north of the main office complex. - (25-08-2001)

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WGS appointed at Wood Wharf

British Waterways has appointed Weatherall Green & Smith to advise on the redevelopment of Wood Wharf, east of Canary Wharf, London E14. Discussions are to be held with the planning authorities to "maximise the development potential" of the site. The site is seen as having potential for a "high-density, quality, mixed-use office and residential scheme". - (19-08-2001)

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'Guidance on tall buildings'

English Heritage in its new statement 'Guidance On Tall Buildings' discourages tall buildings in historic areas of London and suggests better locations are those such as Canary Wharf, Stratford and Croydon. The report has been produced jointly with the Commission for Architecture and the Built Environment (CABE). The statement says "the overriding consideration will be whether the location is suitable for a tall building in terms of its effect on the historic environment. If not, then no tall building will be acceptable, however good the design". This seems to reverse previous thinking that allowed the Baltic Exchange to be demolished to make way for the Swiss Re tower. The report reinforces the current St Paul's protected view and is for maintaining views from royal parks. In the same report CABE says that first-class design should be paramount and that an exceptional scheme could override other considerations. - (12-06-2001)

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Canary in £875m bond issues

Canary Wharf Group has issued £875m of bonds in a deal that will securitise three buildings under construction at the Docklands complex. The bonds are secured on the rents from the two pre-let towers being built for Citigroup and Credit Suisse First Boston and Morgan Stanley Dean Witter. The deal adds the three buildings to a securitised portfolio that also includes One Canada Square, from which the company raised about £555m in 1997 and £385m in 2000. - (02-06-2001)

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Revelopment approved at Canary Wharf

Grenadier Investments has been granted planning permission for a new 27,870 sq m (300,000 sq ft) office building at 1 Park Place, close to Westferry Circus, Canary Wharf, London E14. The new development, on the site of the Littlejohn Frazer building, has been designed by Michael Squire & Partners and the developer is being advised by Delta Land. - (08-05-2001)

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London Stock Exchange to stay in City

The London Stock Exchange is reported to have decided to take a pre-let on the 19,440 sq m (209,260 sq ft) King Edward Court building at Paternoster Square, London EC4. The London Stock Exchange had been rumoured to be considering a move to Canary Wharf but it is thought that no suitable space was available. In particular the London Stock Exchange is said to require "its own front door". The King Edward Court building is being developed by Mitsubishi Estates and is planned to be completed in 2004. The London Stock Exchange has about 500 staff and occupies just over half its existing building in Old Broad Street, London EC2. It is said that the exchange may now sell the 26-storey 1970's tower as a redevelopment scheme. - (09-04-2001)

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Canary Wharf goes to £41 per sq ft

Canary Wharf has agreed the biggest single lease transaction in central London in its 93,000 sq m (1,001,052 sq ft) deal with Lehman Brothers, the US investment bank. Lehman Brothers will take the Cesar Pelli designed 30-storey HQ2 building, now under construction at Heron Quays, London E14, at a rack rent of £441.32 sq m (£41 per sq ft). Lehman Brothers will occupy the building in late 2003 and vacate about 40,000 sq m (430,560 sq ft) at Broadgate in London EC2. Insignia Richard Ellis advised Lehman Brothers on the transaction. - (06-04-2001)

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DS5 and DS2 "top-out" at Canary Wharf

The new towers for HSBC, designed by Foster & Partners, and Citigroup, designed by Cesar Pelli, at Canary Wharf, London E14 were topped-out yesterday. The towers will be about 100ft shorter than One Canada Square, the 50-storey skyscraper, which remains the tallest office building in the UK. Citigroup will move to its new building at 25 Canada Square (DS5 building) in September this year and HSBC to 8 Canada Square (DS2 building) in February 2002. - (08-03-2001)

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Lehamn Brothers take HQ2

Lehman Brothers, the US investment bank, has confirmed that it is to move its European headquarters to the HQ2 building at Heron Quays, Canary Wharf, London E14. The building, designed by Cesar Pelli, is due for completion in August 2003. HQ2 is planned as a 30-storey 95,081 sq m (1,023,444) sq ft tower and Lehman Brothers is said to have an option to extend the building by linking with HQ1 of 26,955 sq m (290,141 sq ft). Lehman Brothers is advised by Insignia Richard Ellis. - (19-02-2001)

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Prince sells Canary Wharf shares

Prince Alwaleed Bin Talal has sold most of his stake in Canary Wharf, London E14 to make a profit of about 500%. The Prince invested £43.5m for 39.9m shares, about 6% of the group, in 1995 and is said to have sold about two-thirds of his stake for £122m. - (18-01-2001)

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Canary Wharf assembles land bank

Canary Wharf Group has announced that it exchanged contracts with Wetherby Limited to purchase the 2.8ha (6.7 acre) area of land, known as 'Shed 35', immediately to the north of the Canary Wharf complex in London E14, for about £53m. Completion of the agreement is due in November 2000. Shed 35 has an existing planning permission for a 1.9 million sq ft mixed use commercial development of offices and hotel. This site combined with the Riverside site, recently taken into full ownership and control of Canary Wharf, provides the potential for 3 million sq ft of office space to cope with future demand. - (09-11-2000)

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CSFB takes pre-let at Canary Wharf

Credit Suisse First Boston has agreed Heads of Terms to lease a further 46,451 sq m (500,000 sq ft) of office space at 5 Canada Square (site DS1) Canary Wharf, London E14. DS1 is currently under construction and the architect of the 14-storey tower is Skidmore Owings & Merrill (SOM). The new office space is due to be due for occupation in spring 2002. The leasing of building will mean that CSFB has 1.8m sq ft at Canary Wharf in seven buildings. In 1999 Bovis Interiors carried out the fitting out work for CSFB at its Columbus Courtyard office. Once CSFB has signed a binding agreement on the Canada Square building the pre-let will prompt the speculative construction of HQ3, a 32-storey tower, designed by Cesar Pelli, that will provide 55,741 sq m (600,000 sq ft) of office space. - (09-11-2000)

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Canary Wharf heads west

Canary Wharf is said to be buying out its partners on a five-acre site at Canary Riverside at Westferry Circus, London E14. The site is to the west of the existing office complex and is thought to have potential for a further 1 million sq ft of offices. The original joint venture between Canary Wharf and Pidemco Land and Hotel properties is to be ended in respect of the development land. The joint venture has already developed the Four Seasons hotel and 320 apartments at Canary Riverside. - (15-10-2000)

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Canary Wharf heads for FTSE 100

Canary Wharf is this week the UK's largest quoted property company, overtaking Land Securities. The market capitalisation of Canary Wharf Group plc surged to £3.94bn earlier in the week against Land Securities' £3.91bn, according to Datastream. HSBC has calculated that Canary Wharf is 76th by market capitalisation within the FTSE 350 and is expected to join the FTSE 100 soon. - (12-10-2000)

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McGraw Hill to take DS4 at Canary Wharf

McGraw-Hill, the US-based information services provider, has signed a letter of agreement with Canary Wharf Group to take the majority of the 46,450 sq m (500,000 sq ft) DS4 building at Canary Wharf to accommodate the company's rapidly growing financial services and business-information operations. The new building for The McGraw-Hill Companies is designed by Skidmore Owings & Merrill and construction wok will start once formal contracts are signed and will be ready for occupancy in 2003. The McGraw-Hill Companies plan to occupy the majority of the new building with options for expansion over the balance of the space. The new building will have direct access to the new retail building immediately to the north, to the underground retail mall, and to the Jubilee line link - (06-10-2000)

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Morgan Stanley Dean Witter take HQ1 at Canary

Morgan Stanley Dean Witter, the US investment bank, has taken the HQ1 building at Heron Quays, Canary Wharf London E14. The building, which is adjacent to the Heron Quays DLR station, will provide 47,565 sq m (512,000 sq ft) in a 13-storey development. The ground works and infrastructure for HQ1 is underway and the building is due for completion in 2003. The building will be linked directly the new 85,000 sq ft Jubilee Park retail scheme and the the Jubilee Line Station. - (27-09-2000)

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Docklands site on the market

A vacant seven acre site in London Docklands to the west of the new Billingsgate fish market and adjoining Canary Wharf is said to be on the market and could be acquired by Canary Wharf Group. The site is owned by the Ruler of Dubai, Sheikh Maktoum Al-Maktoum, and a number of business associates and could be worth £150m. If acquired by Canary Wharf Group the site would be an extension to the Canary Wharf complex. The consortium, which operates under the name Wetherby, a Gibralter registered firm, is thought to have planning consent for a hotel, exhibition space and offices totalling over 69,676 sq m (750,000 sq ft). - (25-09-2000)

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