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Old November 6th, 2006, 12:27 PM   #1
jef
 
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Canary Wharf secures presale of 15 Canada Square

Largest London office "letting" of the year in the yet-to-be-built 400,000 sqft 15-storeys building at 15 Canada Square (between HSBC and Barclays).

There is now only one building left for presale/preletting before Canary Wharf moves forward with its next construction phase at Riverside South: the small 250,000 sqft 10 Churchill Place (foundations and substructure u/c) adjacent to 20 Churchill Place (State Street HQ u/c).

Songbird Estates' Canary Wharf sign £260m deal with KPMG for office building
http://www.freemansnews.com/mainstory.asp?4015870
Article 4015870
AFX - 06 November 2006

LONDON (AFX) -Songbird Estates subsidiary Canary Wharf Group,
earlier reported to be in talks with KPMG, has sold a 999-year lease interest in
a yet-to-be built 15-storey office building on 15 Canada Square to KPMG for £260m.
Canary Wharf will complete the construction of the building, located next to the HSBC
and Barclays Bank in the Canary Wharf district, by April 2009.

It also added that it has extended the lease on 1 Canada Square
with KPMG to coincide with completion of the new building as also provided
the latter with an additional space of 28,000 square feet.


Last edited by jef; November 6th, 2006 at 05:32 PM. Reason: updated rendering
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Old November 6th, 2006, 12:34 PM   #2
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Good news- Hopefully RS is that much closer.


Bit more on the story from propertyweek


Canary Wharf Group has pre-sold 15 Canada Square to accountant KPMG for its new UK headquarters.


06.11.2006

By Daniel Thomas

Canary Wharf confirmed this morning that KPMG had acquired the 999 year leasehold interest in 15 Canada Square for £260m.

CWG will complete construction of the Kohn Pedersen Fox-designed building by April 2009. The fifteen storey building is located in the heart of the Canary Wharf district, adjacent to the headquarters of HSBC and Barclays Bank.

KPMG will consolidate staff from a number of London offices into the building, although it will retain an existing office at Salisbury Square, off Fleet Street in London.

George Iacobescu, chief executive officer at Canary Wharf, said: ‘We are delighted to have KPMG, one of the world’s pre-eminent professional services firms, significantly expand its presence at Canary Wharf.’

John Griffith-Jones, UK chairman and senior partner at KPMG, said: ‘This is an important step on the road to creating an office environment in London for our people and our clients which is an expression of our core values and embraces the changing ways we will work together in the years ahead.’

Canary Wharf was advised by Knight Frank and CB Richard Ellis. KPMG was advised by KPMG Corporate Finance and Jones Lang LaSalle.

Last edited by london lad; November 7th, 2006 at 12:40 AM.
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Old November 6th, 2006, 12:44 PM   #3
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...

Last edited by jef; November 6th, 2006 at 05:33 PM.
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Old November 6th, 2006, 01:20 PM   #4
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that sounds promising
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Old November 6th, 2006, 03:47 PM   #5
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Quote:
Originally Posted by jef View Post
I know KPMG has appointed a firm to make his new CW HQ the most energy-efficient "green" new building that will the standard for all new developments.
That's caught my attention! I would expect a considerable re-design of any of the projects we've seen so far. For example on that picture above looks like a bulk standard air conditioned glass box. To be 'the most energy efficient' surely just to start with they would have to look at designs that negate the need for air con most of the year. Here's hoping.
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Old November 6th, 2006, 05:40 PM   #6
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Good I like Riverside South.
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Old November 6th, 2006, 05:45 PM   #7
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With increasing competition for cheap high end office space before the next market cylcle I don't think it will be pretty hard to let the other unoccupied buildings, if any, or any future developments.
Go to see 15CS is now done. I would have been happy with however, 25 storeys.
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Old November 6th, 2006, 07:22 PM   #8
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Excerpt from Canary Wharf press release:

"15 Canada Square was designed by the international architectural firm KPF
and will be a 15 storey building clad in high-efficiency, solar-control glass
and architectural metal. The building will feature a full height atrium space
in response to KPMG's desire to create an environment supportive of their
collaborative, networking, transparent and open quality of service.
The building design also responds to KPMG's commitment to sustainability
in their innovative approach to integrating sustainability considerations
into the project."
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Old November 7th, 2006, 12:20 AM   #9
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Tbh I prefered the original design, I thought it looked pretty classy for a groundscraper, esp with the roof fins and the side 'indent' section.

New design is okay, but its still a glassy box, at least the design before was more interesting - actually the rendering posted in Churchill Place thread looked stunning, esp with the detail on the building.
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Old November 7th, 2006, 04:53 AM   #10
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Why so low, and why did it take so long after Churchill Place was completed? I'm glad that it's infilled though...
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Old November 7th, 2006, 12:13 PM   #11
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I thought this parcel of land was 'on ice' for when crossrail is bulit - they need it for their cranes/diggers etc. I'd heard there was a compulsory purchase order and nothing could be built there until crossrail completion. I read that on this site somewhere a few months ago...

I also heard a while ago that Canary Wharf group were revising this up to 22 storeys, but I reckon that would unbalance the square - the height should match the BP building on the other side!
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Old November 7th, 2006, 01:42 PM   #12
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Yes I also heard a long time ago that one of these buildings had been increased to 20 floors.
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Old November 7th, 2006, 02:46 PM   #13
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isn't £260 million a little much?

i though like 150 m skyscrapers where like £180million?
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Old November 7th, 2006, 07:42 PM   #14
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According to the FT, KPMG, ranked third in the UK by revenue, will base 4,400 staff in their new HQ building at Canary Wharf. I hope this will bolster future high-rise developments in the area.
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Old November 8th, 2006, 10:36 AM   #15
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Quote:
Originally Posted by Pagwilliams View Post
I thought this parcel of land was 'on ice' for when crossrail is bulit - they need it for their cranes/diggers etc. I'd heard there was a compulsory purchase order and nothing could be built there until crossrail completion. I read that on this site somewhere a few months ago...

I also heard a while ago that Canary Wharf group were revising this up to 22 storeys, but I reckon that would unbalance the square - the height should match the BP building on the other side!

I think it's North Quay that'll be used for Crossrail if they ever start building that.
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Old November 8th, 2006, 02:38 PM   #16
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your right it is north quey. and it has been approved, but can only start after crossrail has finished(which makes sense) and thats hoping there are tennants of course..
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Old November 8th, 2006, 07:40 PM   #17
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your right it is north quey. and it has been approved, but can only start after crossrail has finished(which makes sense) and thats hoping there are tennants of course..
The compulsory purchase of North Quay to be used as working site for Crossrail was proposed in the draft version of the Bill.

Plans have since been revised: Crossrail has accepted the use of barges and the isle of dogs station has been redesigned to be compatible with Canary Wharf future developments.

Canary Wharf has recently start the erection of an electricity sub-station contained in two buildings (part 3 to part 5-storeys building approximately) on North Quay. The primary objective of the station is to provide approx. 57.6MW to the office development at North Quay. However, it is also intended that the station will reinforce the existing distribution network at Canary Wharf, future office developments at Heron Quay West, and the future Crossrail Station.
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Old November 8th, 2006, 07:53 PM   #18
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Quote:
Originally Posted by jef View Post
The compulsory purchase of North Quay to be used as working site for Crossrail was proposed in the draft version of the Bill.

Plans have since been revised: Crossrail has accepted the use of barges and the isle of dogs station has been redesigned to be compatible with Canary Wharf future developments.

Canary Wharf has recently start the erection of an electricity sub-station contained in two buildings (part 3 to part 5-storeys building approximately) on North Quay. The primary objective of the station is to provide approx. 57.6MW to the office development at North Quay. However, it is also intended that the station will reinforce the existing distribution network at Canary Wharf, future office developments at Heron Quay West, and the future Crossrail Station.
So does this mean North Quay may start soon? Are they likely to go with the current design or something new? Personally I think the street levels were great but the towers themselves awful!
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Old November 8th, 2006, 08:05 PM   #19
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I believe their next phases of development are:
- 10 Churchill Place (only for lower than 300,000 sq ft office requirement)
- Riverside South
either after preletting 10 CP
or to satisfy larger than 300,000 sq ft office requirement
or speculatively (tower 1) as vacancy rate in the estate is around 5%.
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Old November 8th, 2006, 08:40 PM   #20
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I never had any problems with the North Quay towers, they have some interesting curves. I think some other design will look out of place there.
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