Accountancy giant EY – advised by Cushman & Wakefield – has signed a deal to take 207,000 ft² (approx. 19,231 m²) of office space at 25 Churchill Place in Canary Wharf.
EY has taken a 25-year lease and will occupy levels 14 to 21 in the 21 storey building. Fit-out will commence this summer for a planned occupation by 1 July 2015.
As part of the transaction, to coincide with the start of the new lease, Canary Wharf Group will assume responsibility for EY’s 146,000 ft² (approx. 13,563 m²) lease at Becket House, 1 Lambeth Palace Road. The current lease runs until September 2026 at a rent of £35/ft².
Robin Tye, Chief Operating Officer of EY, said: “Our expansion into Canary Wharf in 2015 is another investment that supports EY’s ambitious growth plans as we continue to recruit staff in response to a growing demand from our clients for business advice.”
James Meikle , Head of City Occupier Representation at Cushman & Wakefield, said: “We were able to structure a transaction for EY that disposed of a long leasehold interest in a Grade B office building in return for leasing a brand new state-of-the-art office building in Canary Wharf.”
The previous largest letting in Canary Wharf was when the European Medicines Agency pre-let 281,000 ft² (approx. 26,105 m²) of office space, also at 25 Churchill Place, in 2010.
Source: Cushman & Wakefield