Europe’s development banks lured into new Canary Wharf HQ
Canary Wharf landed a major financial tenant today, as Europe’s development bank shifted its new HQ to the business district in a post-Brexit commitment to the capital.
The European Bank for Reconstruction and Development (EBRD) is set to take more than 360,000 square feet (sq ft) at 1-5 Bank Street, moving its headquarters from Exchange Square in Canada.
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With plans to move to Canary Wharf in 2022, the EBRD will occupy the top 13 floors of the 24-storey building, which is currently under development, on a long lease.
Sir George Iacobescu, chairman and chief executive of Canary Wharf Group, said: "We are delighted EBRD has chosen Canary Wharf for its new headquarters. The move is testament to the quality of our building, which will be one of the most efficient and sustainable in the UK and to the amenities and environment EBRD employees will enjoy at Canary Wharf. We are looking forward to welcoming EBRD to Canary Wharf which is increasingly a destination for people to work, live and relax."
The coup for Canary Wharf Group comes amid its high-profile court battle with the European Medicines Agency (EMA), which has been trying to cancel its £550m long-term lease to move to Amsterdam post-Brexit.
Dan Bayley, senior director of Central London office leasing at BNP Paribas Real Estate, which advised EBRD on the deal, said: "1-5 Bank Street is the largest letting deal in Canary Wharf since 2016 as well as the biggest new letting by Canary Wharf Group for over 10 years. With the current political uncertainty, this is a great vote of confidence in London, demonstrating that our capital remains resilient and an attractive place for organisations and businesses."
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With plans for a new 5m square feet regeneration project aimed at attracting a larger number of tech jobs than in the entire city of Cambridge, the group has also been looking to attract more technology and creative industry tenants into the district.