Hines has confirmed it has prelet more than 95,000 sq ft at 25 Cabot Square in Canary Wharf, E14, to IWG’s Spaces brand and The Office of Rail and Road.
Spaces has agreed to occupy 71,000 sq ft on levels 11, 12, 14 and part of level 10 on a 15-year lease. It is paying around £50 per sq ft for the top floor.
The firm has also committed to leasing one of the ground-level retail units, which will be operated as a café for the ground-floor reception area, serving tenants and the wider Canary Wharf community.
The Office of Rail and Road, the non-ministerial government department responsible for the economic and safety regulation of Britain’s railways and highways, has signed a 10-year lease for 21,450 sq ft at £44.50 per sq ft on part of level 10.
The 455,000 sq ft property, known as the Cabot, is now fully let ahead of the completion of its redevelopment next month.
Hines had previously prelet 113,000 sq ft of office space to the Competition and Markets Authority on a 15-year lease in August 2018. The rest of the building (levels 1-6) is occupied by Morgan Stanley, which sold the building to Hines’s fund, Hines Global REIT Inc, through a sale-and-leaseback deal in 2014. Hines manages the property for Hines Global REIT.
Raj Rajput, managing director and head of asset management at Hines UK, said: “The transformation of one of Canary Wharf’s most prominent buildings into large-scale, flexible, modern workspace exemplifies the evolution of Canary Wharf in recent years from a financial district to a modern, dynamic hub for an eclectic range of companies, while retaining its corporate banking core.”
Squarebrook, CBRE and Knight Frank advised Hines. The Office of Rail and Road was advised by Knight Frank; Spaces was advised by Bh2.
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