British Petroleum (BP) is taking 128,000 sq ft (11,891 sq m) of offices at Canary Wharf in east London for its Integrated Supply and Trading (IST) division.
IST will complete its relocation from four buildings in the City of London to the 535,000-sq ft (49,702-sq m) 20 Canada Square, E14, by mid-2005.
The main lease accounts for 101,000 sq ft (9,383 sq m) over 20 years with breaks at 10 years and 15 years.
To accommodate future growth, BP is taking a further 27,000 sq ft (2,508 sq m) on a five-year lease, with rights to extend to run concurrent with the other lease.
Canary Wharf would not provide details of the rent being paid, but it is thought to be close to £37.50 per sq ft (£404 per sq m) with a rent-free period of more than two years.
BP had a shortlist of five other City options, including British Land’s One Plantation Place, EC3; Land Securities’ 30 Gresham Street, EC2 and Blackstone’s Thames Exchange, EC4.
The recently completed 12-storey glass and steel building with floor plates of typically 40,000-45,000 sq ft (400,005-4,180 sq m) was designed by Skidmore Owings & Merrill.
Global information services provider McGraw-Hill Companies will be occupying some 266,000 sq ft (24,711 sq m) at 20 Canada Square and will be moving in during January 2004.
DTZ advised BP.
References: EGi News 11/09/03
