Canary Wharf Group has confirmed that the European Bank for Reconstruction and Development is to move its headquarters from the City of London to Canary Wharf.
The EBRD has agreed to lease 365,000 sq ft across the top 13 floors at 1-5 Bank Street, E14, on a lease of more than 10 years.
Its 2,500 staff will join Société Générale’s circa 2,500 staff at the building in 2022.
Société Générale committed to taking 280,000 sq ft in the 700,000 sq ft building in 2014.
Quoting rents in Canary Wharf are around £50 per sq ft.
Canary Wharf Group said the decision to stay in the UK showed the EBRD’s confidence in London and its importance as a global financial centre.
Sir George Iacobescu CBE, chairman and chief executive of Canary Wharf Group, said: “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.”
András Simor, senior vice president, chief financial officer and chief operating officer at the EBRD, added: “Our ambition was to find a world-class location for our staff, enabling us to continue our mission to change lives in the countries where we operate. 5 Bank Street will give us that, offering outstanding space and facilities while being both cost-effective and environmentally sustainable.”
Dan Bayley, senior director central London office leasing at BNP Paribas Real Estate, which advised the ERBD, 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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