New offices planned in Canary Wharf

25 Churchill Place half pre-let to European Medicines Agency

Article posted: 15 Aug 2011

Canary Wharf Group and the European Medicines Agency have agreed a pre-let of 250,000 sq ft of office space in Canary Wharf at a new office building of over 500,000 sq ft to be constructed at 25 Churchill Place.  

EMA will occupy the promenade, ground and the first nine office floors in the 20 storey building. The agreed rent is £46.50 per sq ft on a 25 years with no breaks and EMA has options to take an additional four floors of around 27,500 sq ft 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 Q4 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.

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.

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Posted by Janet