Thomson Reuters is in talks to lease a major new office in Canary Wharf.
The global media giant is negotiating a 300,000 sq ft sub-let with Credit Suisse at 5 Canada Square, E14.
The building is let to Credit Suisse until 2027 and is owned by Kuwaiti sovereign wealth fund St Martin’s.
Credit Suisse currently sub-lets around 300,000 sq ft of the 500,000 sq ft building to Bank of America Merrill Lynch – which currently has its name atop the building. It has breaks in 2016 and 2017.
A deal would see BAMC vacate Canary Wharf entirely, consolidating staff in its main London headquarters on King Edward Street, EC1.
Credit Suisse pays around £40 per sq ft for the space.
Thomson Reuters already occupies nearby 30 South Colonnade, E14, which boasts a news ticker and media board in front of the Jubilee Line station entrance at Canary Wharf.
Given the signage rights of other occupiers at Canary Wharf, and the existing signage on 5 Canada Square, there are clear opportunities for the Thomson Reuters brand, particularly given the building’s prime location in front of the new Crossrail station entrance.
The new office is expected to be in addition to South Colonnade and will house staff currently based in multiple buildings across the City fringes.
However, it has yet to agree a regear of its lease on the building, which expires in 2020, with owner KanAm and the building is now up for sale for £215m via CBRE and JLL.
The site has the potential for a major redevelopment but any new owner is likely to seek a regear of Thompson Reuters’ lease in the first instance.
Thomson Reuters global head of affairs David Crundwell said: “We continue to evaluate strategies related to our existing office locations. No decision has been made about the location of our offices post the expiration of our current lease at 30 South Colonnade in 2020.”
Cushman & Wakefield advises Thomson Reuters; Knight Frank is acting for Credit Suisse.
