Barclays extends lease at Canary Wharf’s One Churchill Place

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Barclays extends lease at Canary Wharf's One Churchill Place

A subsidiary of Canary Wharf Group Investment Holdings plc (CWGIH) is set to revise its lease agreements with Barclays Bank plc at 10 Cabot Square an will take a sub-lease for these premises.

Canary Wharf Group said that the proceeds from this amendment will be used to redeem £263.5 million of notes under the existing CMBS securitisation, with the remainder being used for general corporate purposes.

Following this transaction, 10 Cabot Square will no longer be secured under the securitisation, the company said.

In a separate transaction, Barclays Execution Services Ltd has opted to extend its lease for the UK Headquarters situated at One Churchill Place. This extension covers a further five years, extending their commitment to Canary Wharf well into 2039.

John Mulqueen, Chief Investment Officer, CWG, said: “We are delighted Barclays extended its lease at One Churchill Place demonstrating its commitment to Canary Wharf, and  investing in the building for the long term. Businesses want their offices close to a range of leisure and amenities to help attract and retain talent. Canary Wharf is a 15 minute city with access to great transport links, access to 16.5 acres of parks and a wide range of amenities and cafes, bars and restaurants. We will reposition 10 Cabot Square to meet the increasing demand for high-quality sustainable Office and Life Science uses, as well as providing an opportunity to add mixed uses such as hotel, education and leisure.”

Alastair Blackwell, Chief Operating Officer, 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 5-year lease extension at One Churchill Place is testament to that.”

Canary Wharf is a vibrant mixed-use neighbourhood that provides high quality offices, is home to over 3,500 residents with over 310 shops including over 70 restaurants, cafes and bars. This year we continued to add to our roster of restaurants including Dishoom, Mallow, FishGame and Blacklock, adding to our diverse dining, shopping and entertainment experience. The Elizabeth line added to the great connectivity at Canary Wharf – over 65m people will visit this year, our highest-ever footfall.

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