INDUSTRY NEWS

Shell let office space on Canary Wharf

Oil giant Shell International has confirmed that it will be leasing 187,000 square feet at 40 Bank Street. The company is moving half its HQ staff into the new office space. London has long been the home of the oil multinational, which has central offices at the Shell Centre at Waterloo and in the Hague, Amsterdam.

Almost 2,000 staff are expected to move to Canary Wharf whilst the Shell Centre undergoes a major redevelopment, with a similar number remaining behind. The ‘temporary’ space at Bank Street covers 10 floors, with options on two more, for a period of 15 years. A tenant break has been agreed after 10 years. Shell is paying £37.50 per square foot.

Three months ago, the Canary Wharf Group reported that its offices were more than 96 percent occupied. The deal with Shell raises that to almost 100 percent, with only two floors currently empty on One Canada Square.