BNY extends its stay with Canary Wharf

Kasmira Jefford
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BNY MELLON has decided to stay put at its offices in Canary Wharf with the US bank renewing its lease at One Canada Square for a further eight years.

The bank, which is leasing six floors at the top of the 50-storey skyscraper, has signed a new term with its landlord Canary Wharf Group, beginning 1 January 2014 at a rent of £42.50 per square feet.

The property firm, owned by Songbird Estates, has agreed a rent-free period of 18 months from 1 January 2014.

Richard Archer, head of leasing at Canary Wharf Group, said: “BNY Mellon has been a highly valued tenant at Canary Wharf for over 13 years and we are delighted that it has agreed to extend its occupation at Canary Wharf. This is another vote of confidence in both Canary Wharf and London.”

One Canada Square is Britain’s tallest operational building, but it is due to be knocked off its perch by the Shard at London Bridge, which is due to be completed this year.

Canary Wharf’s chief executive George Iacobescu also announced plans last week to radically expand its east London estate after buying out its partners in the Wood Wharf, a semi-derelict site next to Canary Wharf, where it intends to build a new office and residential district.