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.
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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.
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.
(CD)
