Petrol company Shell is moving offices to a 187, 000 square foot space in Canary Wharf to allow for redevelopment of its current site.
Just under half of the staff based at the Shell Centre on the South Bank will move to the new premises at 40 Bank Street, leaving 1700 staff remaining in the older base.
Chairman of Shell UK James Smith said the Shell Centre will still remain as its “home in London” despite the partial staff move. He 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”.
The firm is searching for a development partner to start renovation plans.
The 15-year deal will see Shell taking up 10 floors of the Canary Wharf office space, which used to be the home of Barclays. An option to leave after 10 years has been included in the agreement.
Chief executive of Canary Wharf Group George Iacobescu 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”.
He continued: “The letting is also a demonstration of the continuing attraction of our high specification office space and flexible approach in meeting occupier’s needs”.