BlackRock seals Canary Wharf office relocation deal

Office design news from Morgan Lovell

Published on 04-02-2010

Investment management firm BlackRock has revealed plans to move into almost 300,000 sq ft of new office space at Drapers Gardens in the City of London.

Situated in Canary Wharf, the firm has exchanged contracts with Exemplar Developments and Canary Wharf Group on a deal for a 25-year lease for the premises.

The company has secured an initial rent-free period of 36 months, followed by costs of £49 per sq ft for the remainder of the deal.

George Iacobescu, chief executive of Canary Wharf Group, said: "There are increasingly few top-quality office buildings available in London, and we are pleased to help provide a world-class company like BlackRock with an opportunity to expand into a new office."

Elsewhere, Property Week recently reported multinational businesses are fighting it out for office space in London due to a lack of new developments in the pipeline.

The publication noted businesses like Google, Royal Dutch Shell and Macquarie Bank are all battling to secure premises in the capital, although cash-strapped developers are continuing to pull the plug on many proposed schemes.

Posted by Adrian Norman.