Cross London Rail Links Limited (CLRL), the promoters of Crossrail the £15.9 billion new railway for London and the South East, has agreed with Citi to lease levels 27-30 inclusive of 25 Canada Square for a period of ten years. This represents a total of 116,000 square feet of office accommodation, with occupation to take place at the end of 2008.
Work on Crossrail has intensified following parliamentary approval of the scheme last month and it expects up to 1,100 members of staff to be based at Canada Square during the life of the project.
The terms of the transaction are confidential. Drivers Jonas advised Crossrail. Cushman & Wakefield and Knight Frank advised Citi.
Notes to editors:
Crossrail's £15.9 billion funding package was announced by the Prime Minister, the Rt Hon Gordon Brown MP, on 5 October 2007.
The Crossrail Bill was deposited in the House of Commons in February 2005. It progressed to the House of Lords in December 2007. Royal Assent was achieved on 22 July 2008. Preparatory works for Crossrail will commence in 2009 with main construction beginning in 2010. The railway is scheduled to open for passenger services in 2017.
Crossrail is promoted by Cross London Rail Links Limited (CLRL). It is currently jointly owned by the Department of Transport (DfT) and Transport for London (TfL). During autumn 2008 CLRL will become a wholly owned subsidiary of TfL.
CLRL was appointed nominated undertaker for the construction of Crossrail on 24 July 2008.
25 Canada Square is the European headquarters of Citi, located in the heart of Canary Wharf in between One Canada Square and the Canary Wharf jubilee line station. Typical floors are c.28,000 sq ft with level 41 smaller at c.20,000 sq ft. The space is being refurbished to an enhanced Canary Wharf specification.
Other occupiers of the tower include SunGard, Instinet, Think London, Hatfield Philips, Wells Fargo, AEG, Munich Re and MWB.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brands include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Crossrail is the new £15.9 billion railway for London and the South East. It will run 118 km from Maidenhead and Heathrow in the west, through tunnels under Central London with new stations at Paddington, Bond Street, Tottenham Court Road, Farringdon, Liverpool Street, Whitechapel, Isle of Dogs and Woolwich, out to Shenfield and Abbey Wood in the east, joining the Great Western and Great Eastern railway networks. The railway is scheduled to open for passenger services in 2017.
Citi: Adam Castellani +44 (0)20 7986 5608
Crossrail: Alick Whitfield +44 (0) 20 3229 9552