Clifford Chance

Clifford Chance advises Canary Wharf Group on 25 Churchill Place pre-let, concluding the Canary Wharf masterplan

Clifford Chance has advised long-standing client Canary Wharf Group on the pre-let of half of a new 500,000sq ft building to be constructed on Canary Wharf estate to be known as 25 Churchill Place to the European Medicines Agency (EMA) on a 25 year lease. EMA have agreed to take a lease of nine floors of the 20 storey building, with the option to take up to an additional four floors, at a rent of up to £46.50 per sq ft.

As part of the transaction Canary Wharf Group are also managing EMA's fit out of its floors in the building, which will be partly paid for through the financial terms agreed as part of the transaction. The construction of 25 Churchill Place marks the conclusion of the original Canary Wharf masterplan.

The deal follows Clifford Chance's involvement in advising Canary Wharf Group on office occupations by J.P Morgan (of the former Lehman building), Shell, KPMG and Fimalac/Fitch.

Lead Clifford Chance Partner and Head of London Real Estate, Jonathan Solomon, comments

"It is always a pleasure to work with our long standing client Canary Wharf Group, which has achieved one of the greatest regeneration feats in London and we were delighted to assist on this pre-let. Whilst this was a complex transaction it was greatly facilitated by the constructive and positive working relationship between clients and advisors on this deal"

George Iacobescu CBE, Chairman and Chief Executive of Canary Wharf Group plc said:

“We are very pleased to provide the European Medicines Agency with a building that responds to their new requirements, offering new technology and significant organisational and environmental efficiencies. It demonstrates our continued ability to deliver superior office space and infrastructure for a broad range of world-class organisations.”

Jonathan Solomon was assisted on the Real Estate aspects of this cross-practice transaction by Senior Associates Simon Gilbert and Geraldine Pigot, Associate Ian Painter and Trainee Solicitor Laurie Fletcher.  Partners Sarah Squires and Etienne Wong advised on tax, assisted by Director Simon Corzberg and Senior Associate William Reay-Jones.