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EY signs 207,000 sq ft Canary Wharf lease – C&W advises

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Accountancy giant EY – advised by Cushman & Wakefield – has today signed a deal to take 207,000 sq ft of office space at 25 Churchill Place in Canary Wharf.

 EY has taken a 25-year lease and will occupy levels 14 to 21 in the 21 storey building.  Fit-out will commence this summer for a planned occupation by 1 July 2015.

 As part of the transaction, to coincide with the start of the new lease, Canary Wharf Group will assume responsibility for EY’s 146,000 sq ft lease at Becket House, 1 Lambeth Palace Road.  The current lease runs until September 2026 at a rent of £35 per sq ft.

 Robin Tye, Chief Operating Officer of EY, said: “Our expansion into Canary Wharf in 2015 is another investment that supports EY’s ambitious growth plans as we continue to recruit staff in response to a growing demand from our clients for business advice.”

 James Meikle , Head of City Occupier Representation at Cushman & Wakefield, said: “We were able to structure a transaction for EY that disposed of a long leasehold interest in a Grade B office building in return for leasing a brand new state-of-the-art office building in Canary Wharf.”

 The previous largest letting in Canary Wharf was when the European Medicines Agency pre-let 281,000 sq ft of office space, also at 25 Churchill Place, in 2010.