Songbird Estates plc – New Canary Wharf Tower to be built at 25 Churchill Place
Canary Wharf Group and EMA have agreed a pre-let of 250,000 square feet in a new office building of over 500,000 square feet to be constructed at 25 Churchill Place, Canary Wharf in London.
EMA will occupy the promenade, ground and the first nine office floors in the 20 storey building. The agreed rent is £46.50 per square foot commencing 1 January 2015 with five yearly upwards-only rent reviews. The length of the lease is 25 years with no breaks and EMA has options to take an additional four floors of around 27,500 square feet 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 the fourth quarter of 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.
As many as 1,000 direct jobs and several thousand indirect jobs will be supported in the construction and supply of materials and components, giving a further boost to the local economy.
George Iacobescu CBE, Chairman and Chief Executive of Canary Wharf Group plc said: "We are very pleased to provide the European Medicines Agency with a building that responds to their new requirements, offering new technology and significant organisational and environmental efficiencies. It demonstrates our continued ability to deliver superior office space and infrastructure for a broad range of world-class organisations."