Barclays extends lease at Canary Wharf HQ
Barclays is extending the lease of its UK headquarters in Canary Wharf, E14, displaying a vote of confidence in the Docklands estate after a difficult period in which high-profile tenants have decided to leave.
The bank will extend the lease on its 1m sq ft HQ at 1 Churchill Place by five years to 2039.
In a separate transaction, Canary Wharf Group has amended its lease arrangement with Barclays at its 10 Cabot Square office and will now take a sublease over the premises.
Barclays is extending the lease of its UK headquarters in Canary Wharf, E14, displaying a vote of confidence in the Docklands estate after a difficult period in which high-profile tenants have decided to leave.
The bank will extend the lease on its 1m sq ft HQ at 1 Churchill Place by five years to 2039.
In a separate transaction, Canary Wharf Group has amended its lease arrangement with Barclays at its 10 Cabot Square office and will now take a sublease over the premises.
The proceeds from the amendment will be used to redeem £263.5m of notes under a CMBS securitisation, after which the building will no longer be secured under the securitisation.
John Mulqueen, chief investment officer at CWG, said: “We are delighted Barclays extended its lease at 1 Churchill Place, demonstrating its commitment to Canary Wharf, and investing in the building for the long term.
“We will reposition 10 Cabot Square to meet the increasing demand for high-quality sustainable office and life sciences uses, as well as providing an opportunity to add mixed uses such as hotel, education and leisure.”
Alastair Blackwell, chief operating officer at Barclays Execution Services, said: “After announcing our intention to exit 5 North Colonnade in 2021, I am pleased we have reached this agreement with CWG which delivers a long-term cost saving for the bank. Canary Wharf is a fantastic place to work and our five-year lease extension at 1 Churchill Place is testament to that.”
Earlier this year, HSBC said it will move from its tower at 8 Canada Square in 2027, returning to the City of London and taking a smaller home at the Panorama St Paul’s development at 81 Newgate Street, EC1.
HSBC’s decision followed law firm Clifford Chance’s confirmation that it too will leave Canary Wharf for a new HQ at GPE’s 2 Aldermanbury Square, EC2.
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