On 1 July 2014, base building practical completion was achieved at 25 Churchill Place, a new 545,000 sq ft office building to be occupied by EMA and EY. Work on the building began in February 2012 and the structure was topped out in February 2013. Practical completion of the building and EMA’s fit out was certified in July 2014 and EMA completed its move into the lower half of the building. Alterations to the top floor have been undertaken as requested by EY, which has completed the design of its fitout and is due to start construction in September for occupation in the third quarter of 2015.
Source: Canary Wharf Group PLC, Interim Report for the 6 months ended 30 June 2014 published 18.09.2014 http://group.canarywharf.com
Canary Wharf Group has signed a transaction with professional services firm EY who have taken 207,000 square feet of office space at 25 Churchill Place. EY have taken a 25 year lease, at a rent of £48.50 per square foot. EY will occupy levels 14 to 21 in the 21 storey building.
The European Medicines Agency (“EMA”), occupy circa 281,000 square feet of office space on promenade and ground to 10th floors which leaves just levels 11 and 13 to lease.
Sir George Iacobescu, Chairman and Chief Executive Officer of Canary Wharf Group plc said: “We have a long professional association with EY and are very pleased that they have chosen to lease space at 25 Churchill Place. This transaction builds on the strong representation of professional services firms already at Canary Wharf and, with EY sharing the building with the EMA, demonstrates just how attractive Canary Wharf is for firms from all sectors.”
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”.
25 Churchill Place, the last building to be built as part of the original masterplan for Canary Wharf, will be one of the most modern technology and energy efficient office buildings on the Canary Wharf Estate. 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 part of this transaction, on 1 July 2015 Canary Wharf Group will assume responsibility for EY’s lease at Becket House, 1 Lambeth Palace Road, of 146,000 square feet of office space. The lease runs until September 2026 at a rent of £35 per square foot.
EY were advised by Cushman and Wakefield and Freshfields Bruckhaus Deringer LLP and Canary Wharf Group by CB Richard Ellis, Jones Lang LaSalle, GM Real Estate and Clifford Chance.
Source: Canary Wharf Plc www.canarywharf.com 7. February 2014