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Sunday, 8 December

Banks Street's Feet and Inches Good Enough for the French

Further to our report earlier this week (See Property Section - Heron Gulps Down Last of Land), Societe Generale and the Canary Wharf Group and have agreed a pre-let of around 280,000sq.ft in a new 700,000sq.ft office building at 1 Bank Street. The figures have come directly from Canary Wharf Group, an organisation that is clearly happy to take a stand and deal with our European cousins in Imperial measurements irregardless of what Johnny Foreigner might think of it.

Sir George Lacobescu CBE, Chairman and Chief Executive Officer of Canary Wharf Group plc said: “Societe Generale is one of the most important European institutions. We will 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.”

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 but with 36 months rent free commencing from the summer of 2019. Societe Generale also has an option to hand back a floor of approximately 31,000sq.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 benefit from three trading floors, upper floors all linked by an atrium with interconnecting staircases and a large terrace at the base. This building will enable Societe Generale to consolidate their London operations from three current locations into one.

DTZ acted for Soc Gen and CBRE, JLL and GM Real Estate acted for Canary Wharf Group.

Article written by Brian Shillibeer

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