INDUSTRY NEWS

Shell signs up for 40,000 sq ft of overflow London office space

Shell is set to take up a further 40,000 sq ft of London office space as it prepares to relocate from its main HQ during major development work.

The oil giant has agreed to take 38,225 sq ft of office space at 40 Bank Street, E14. It is set to occupy the third and fifth floor of the building as it relocates around 1,700 staff.

The firm will temporarily move out of its iconic current location on London’s South Bank as major redevelopment work occurs at the Shell Centre and its surrounding area.

A deal for office space in 40 Bank Street was first revealed in February 2010, with Shell originally looking to occupy 250,000 sq ft of London office space at the 153 metres tall, 33 floors, skyscraper located in Heron Quays in the Docklands.

Prior to the deal, Shell had also considered office space at a variety of places including 5 Churchill Place, 5 Canada Square and 30 North Colonnade. The oil firm finally settled on 40 Bank Street after Barclay’s Capital withdrew from its lease with the Canary Wharf Group.

Development at Shells iconic Shell Centre is being conducted jointly by Canary Wharf Group (CWG) and Qatari Diar and will see a number of London office blocks constructed as part of a new mixed-use development also featuring home and retail space around the Shell Centre itself.

It is scheduled for completion in 2019.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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