Canary Wharf confirms 301,500 sq ft Barclays letting

Canary Wharf Group has confirmed that Barclays Capital (BarCap) has agreed to move to 40 Bank Street, E14. As revealed by EGi in January, the Docklands developer has been in discussions with Barclays’ investment banking arm for overflow space since the beginning of the year. BarCap has taken 301,500 sq ft on three separate leases to expire in April 2023. It will take a phased occupation over the next 18 months, with rents ranging from £44 per sq ft for levels 2 to 9, £45.25 per sq ft for levels 10 to 14 and £47.50 per sq ft for Levels 15 to 17. Total rent free periods range from 18 months to 26 months. Break clauses are available in 2018 on two of the leases and in 2020 on the third lease. BarCap will continue to occupy 700,000 sq ft of space it currently occupies at 5 North Colonnade and 10 South Colonnade. Canary Wharf head of leasing and marketing Richard Archer said: “The result of this transaction is that vacancy rates within the Canary Wharf Group portfolio are now at 0.4% (approximately 30,000 sq ft) and on the Canary Wharf Estate as a whole are running at 3%.” Atisreal advised Barclays Capital; CB Richard Ellis and Knight Frank advised Canary Wharf Group.