Canary Wharf Group has given fresh details of the deals struck with US investment bank Morgan Stanley when it agreed to keep its EMEA headquarters on the Docklands estate – including the size of the surrender premium on one of its other offices.
Morgan Stanley re-signed a lease for 20 Bank Street, E14, earlier this month. The new lease will run until 2038.
On a webinar to present the company’s latest financial results, chief financial officer Becky Worthington said the agreement had not included any rent-free period but offered a timeline for the landlord’s £150m contribution to the cost of refurbishing the building for Morgan Stanley.
Of that total, £75m has already been paid, Worthington said, with the remaining £75m due to be paid in April 2025.
Worthington added that CWG and Morgan Stanley had also agreed a £27.5m surrender on the bank’s space at 15 Westferry Circus, E14.
Photo © Evgeny Klimenchenko/Unsplash
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