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Shell to relocate half of its HQ staff to Canary Wharf

Daily Telegraph: Royal Dutch Shell has agreed a deal to move from its landmark UK headquarters on London’s South Bank to Canary Wharf.

By Graham Ruddick
Published: 9:48PM BST 09 Jun 2010

Canary Wharf Photo: AFP/Getty

The arrangement makes Shell the latest in a collection of the world’s largest companies to relocate offices to the Docklands estate.

Shell plans to redevelop the Shell Centre on the South Bank and has a signed a 15-year deal to move to Canary Wharf into offices previously occupied by Barclays. The oil major will take 10 floors, with the option for a further two, covering 187,000 sq ft.

James Smith, chairman of Shell UK, stressed that the Shell Centre was “our home in London” but added: “The site is an exceptional location in one of the world’s great cities. We want to redevelop it to its full, modern potential in keeping with the continuing development of London’s South Bank.”

Mr Smith said Shell would seek a development partner for the project, which is yet to secure planning permission.

Shell will pay £37.50 per sq ft for the office space at Canary Wharf, with the first four years rent free. It will also have the option to leave after 10 years. About 1,600 staff will relocate to Docklands, with 1,700 remaining at Shell Centre.

George Iacobescu, chief executive of Canary Wharf Group, said: “We are delighted to welcome a world leading occupier such as Shell International Limited to Canary Wharf. This is a worthy addition to the increasingly diverse range of occupants. The letting is also a demonstration of the continuing attraction of our high specification office space and flexible approach in meeting occupier’s needs”.

CBRE advised Shell on the move. Jones Lang LaSalle and CBRE advised CWG.

In March, Canary Wharf Group said its offices were 96.2pc occupied.

However, following the deal with Shell, the company could be left with just two empty floors in its flagship One Canada Square. A further five will be freed when KPMG moves to a new Docklands site later this year.


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