Transport for London (TfL) has agreed a deal for Canary Wharf office space which will act as its headquarters.
It’s agreed to take on 250,000 sq ft of space at 10 Upper Bank Street – situated right at the district’s core. However, the deal is subject to TfL’s board signing the deal off.
Should it receive sign-off, TfL would move into the building in phases, with the initial phase commencing in September next year (2015) following a fit out. Initial schedules have the move down to be completed by June 2018. A 32-storey building, 10 Upper Bank Street would house around 3,000 members of TfL’s staff.
TfL would sublease the office space from Clifford Chance, the current head leaseholder. The law firm currently uses the building as its global headquarters, but considers much of the space to be surplus to requirements. As well as Clifford Chance, the additional tenants at 10 Upper Bank Street include MasterCard, KPMG, the FTSE Group and Infosys.
The local government body reportedly considered 50 buildings and sites in London before deciding on the offices on Upper Bank Street.
It currently holds an office portfolio of 43 buildings spread across central London, providing a total of 1.8m sq ft of space. TfL has also sold 29 of its properties since 2008.
By: Kirsty MacGregor
News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.