News

Canary Wharf drops JLW to take on Knight Frank

News

Estates Gazette

14 December 1996

by David Sands

Jones Lang Wootton has been dropped from Canary Wharf, Europe’s biggest office letting instruction, and replaced by Knight Frank.

The job could net Knight Frank up to £1.5m if it can let the last 79,894m² (860,000 sq ft) at the 427,340m² (4.6m sq ft) Docklands office complex with Richard Ellis, which has been kept on as joint agent.

JLW and Richard Ellis’ three-year contract ran out this month. Canary Wharf Ltd had asked Knight Frank to make a pitch along with DTZ Debenham Thorpe, Savills and Hillier Parker.

Unlike JLW and RE, Knight Frank is not assigning any dedicated agents to Canary Wharf. Michael Soames, central London office agency chief and head of the commercial division, will head a seven-strong team. Business space partner Alistair Elliott will assist him while continuing to oversee the M4 corridor.

John Snow, head of West End agency and investment, with his number two, partner Mike Hussey, are also on the team, along with partners Guy Napier and Bradley Baker, who both head City agency teams. Rod Parker, partner in charge of KF’s Docklands office, which is moving to Canary Wharf, will also be involved.

Defending this strategy, Soames said: “We don’t believe it is a good idea to have dedicated people on Canary Wharf: it takes them out of the market. This was the basis on which we pitched.”

Soames said he believed the fact that Knight Frank has advised five major tenants, who took space totalling 115,196m² (1.24m sq ft) at the scheme, had played a part. KF is also advising Merrill Lynch, which has shortlisted Canary Wharf for its 46,450m² (500,000 sq ft) requirement. Bradley Baker, who is leading the search, will not join the Canary letting team until Merrill has made a choice, but a decision is thought to be imminent.

Elliott said: “As well as the big requirements around, we will be spending more time targeting the 2,787m² to 3,716m² (30,000 sq ft to 40,000 sq ft) deals. Canary now has the critical mass and infrastructure for this market.” It is likely that Knight Frank’s US associate, Equis, will help in letting space.

Canary Wharf declined to comment on whether dissatisfaction with JLW’s performance had influenced the decision.

JLW managing partner Peter Mantle led the Canary team from the City office, with Robert Calnan responsible for day-to-day running aided by Geoffrey Pentecost. Peter Bibby was based at Canary.

Mantle said: “Clearly we all feel a touch of sadness that our long-standing relationships with the owners, investors and tenants at Canary Wharf are coming to an end.”

by David Sands Jones Lang Wootton has been dropped from Canary Wharf, Europe’s biggest office letting instruction, and replaced by Knight Frank. The job could net Knight Frank up to £1.5m if it can let the last 79,894m2 (860,000 sq ft) at the 427,340m2 (4.6m sq ft) Docklands office complex with Richard Ellis, which has been kept on as joint agent. JLW and Richard Ellis’ three-year contract ran out this month. Canary Wharf Ltd had asked Knight Frank to make a pitch along with DTZ Debenham Thorpe, Savills and Hillier Parker. Unlike JLW and RE, Knight Frank is not assigning any dedicated agents to Canary Wharf. Michael Soames, central London office agency chief and head of the commercial division, will head a seven-strong team. Business space partner Alistair Elliott will assist him while continuing to oversee the M4 corridor. John Snow, head of West End agency and investment, with his number two, partner Mike Hussey, are also on the team, along with partners Guy Napier and Bradley Baker, who both head City agency teams. Rod Parker, partner in charge of KF’s Docklands office, which is moving to Canary Wharf, will also be involved. Defending this strategy, Soames said: “We don’t believe it is a good idea to have dedicated people on Canary Wharf: it takes them out of the market. This was the basis on which we pitched.” Soames said he believed the fact that Knight Frank has advised five major tenants, who took space totalling 115,196m2 (1.24m sq ft) at the scheme, had played a part. KF is also advising Merrill Lynch, which has shortlisted Canary Wharf for its 46,450m2 (500,000 sq ft) requirement. Bradley Baker, who is leading the search, will not join the Canary letting team until Merrill has made a choice, but a decision is thought to be imminent. Elliott said: “As well as the big requirements around, we will be spending more time targeting the 2,787m2 to 3,716m2 (30,000 sq ft to 40,000 sq ft) deals. Canary now has the critical mass and infrastructure for this market.” It is likely that Knight Frank’s US associate, Equis, will help in letting space. Canary Wharf declined to comment on whether dissatisfaction with JLW’s performance had influenced the decision. JLW managing partner Peter Mantle led the Canary team from the City office, with Robert Calnan responsible for day-to-day running aided by Geoffrey Pentecost. Peter Bibby was based at Canary. Mantle said: “Clearly we all feel a touch of sadness that our long-standing relationships with the owners, investors and tenants at Canary Wharf are coming to an end.”