Canary Wharf Group and Societe Generale agree 1 Bank Street Deal

Posted on 24 October, 2014 by Neil Bird

Multinational banking and financial services company Societe Generale is to lease 280,000 sq ft in a new 700,000 sq ft Canary Wharf office building.


Canary Wharf Group and Societe Generale have agreed a pre let for the ground to seventh floors of  26-storey 1 Bank Street which is currently under construction.

The 25 year lease, which includes three years rent free, provides the option for Socitete Generale to hand back a 31,000 sq ft floor after 10 years or, alternatively, take up the option of occupying additional space on the 8th and 9th storeys. The rent has been set at £47.50 per sq ft.

The deal allows Societe Generale to consolidate its staff in one London location from the summer of 2019.  They currently occupy three addresses at Tower Hill, Exchange House and Bishops Square.

Canary Wharf Group chairman and chief executive officer, Sir George Iacobescu, said:

“We’re very pleased to welcome Societe Generale, one of the most important European institutions, and to be able to provide them with a technologically advanced building which responds to their new requirements.

“This pre let demonstrates the enduring attraction of our high quality office space and infrastructure to a broad range of world class organisations.

“Societe Generale will join over 105,000 people already working at Canary Wharf with companies providing a range of servicers in diverse sectors.”

The remaining floors of 1 Bank Street will be marketed to potential tenants as the construction of the building progresses.

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