INDUSTRY NEWS

Lehman collapse frees up offices in London

The collapse of US bank Lehman Brothers has released almost one million sq ft of office space, ready for a new occupier.

Lehman has occupied offices at 25-30 Bank Street in Canary Wharf since 2003, when the purpose-built building was completed.

The banker has been paying £41 per sq ft annually and the incoming firm will probably have to fork out more – the rent was expected to rise to £50 sq ft, the Telegraph has reported.

Canary Wharf is a highly-prized commercial property location. Current occupants include HSBC, AIG and Damac Properties.

US investment bank JP Morgan is considering a move into two interconnected towers, not yet ready for occupation.

The relocation could unite its London workers in a new European headquarters. When completed, the buildings will offer more than 1.5 million sq ft of office space and rival the HSBC Tower in height.
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