Credit Suisse First Boston has underlined its commitment to London’s Docklands with the announcement that it will occupy a further 25,500 m2 at Canary Wharf.
The bank will occupy a new building, to be constructed next to its existing premises at One Cabot Square. Building work will start this month, with completion at the end of 1999. The expansion is a direct result of CSFB’s increasing business in Europe.
And the development, to the east of the City of London, has received a further boost with the announcement that NewRo – the new financial regulatory body set up by the new UK government – is to take one of the few remaining empty buildings at Canary Wharf.
NewRo is to take 32,515 m2 at 25 North Colonnade. It is understood that Newro will pay around £236.81 per m2 with a substantial rent free period.
Hypobank is leading a syndicate of German banks providing a £200m bank loan to finance the construction of Citibank’s new headquarters at Canary Wharf. The funds will enable developer Canary Wharf to complete the 52,000 m2 building for Citibank, with the term of the loan extending to March 2000.
