EMA signs leasing contract with the Canary Wharf Group.
Office space in Canary Wharf to be leased by the European Medicines Agency.
The European Medicines Agency (EMA) has announced that it is to lease new office space in Canary Wharf, London. The medical firm will move into office space within a 20-storey tower owned by property specialists Canary Wharf Group. The property is still in development and is not yet ready for tenants. This arrangement is one of the largest leasing deals in recent times for the Canary Wharf area.
EMA are to lease 250,000 square feet of office space in the office tower, which is almost half the available space. The commercial property is to be located at 25 Churchill place and still has office space available for leasing. EMA have leased space within the building on a long term 25 year lease for £56.60 a square foot. Construction on the office building is expected to begin later this year. The entire development is expected to be complete by 2015, which is also the date that EMA has set to move in.
The development has ran into some of the now common difficulties that the property market is facing such as finance and planning. However, it has benefited from the high levels of demand from companies paired with the lack of available developments in the foreseeable future. Commenting on the state of the office leasing market a Canary Wharf Group spokesperson said: “There’s likely to be a tightening of supply in offices in 2013 to 2015 just because there hasn’t been a lot of new build in the central London.”