Barclays Capital increase Office Space at Canary Wharf

Barclays Capital have placed nearly 345,000 square feet of office space under offer at 20 Cabot Square in Canary Wharf.

The company already occupies the rest of the 170,000 square feet of space in the property but is keen to invest in more space as the company continues to expand. It’s believed they are already in advanced talks with Canary Wharf Group to take occupy the extra space, which Morgan Stanley Real Estate exited in January, 10 years before the end of it’s lease agreement.

As part of the deal, it’s believed Bar Cap will return the 30,000 square feet of space it has at 40 Bank Street to the Canary Wharf Group. It’s also thought to be in talks with the group to re-gear the leases it already has on 5 North Colonade and 10 South Colonade.

The bank will use the new space for it’s infrastructure operations and will pay around £35 per square foot, whilst also receiving refurbishment contributions from the group.

The Canary Wharf Group have been desperate to get rid of the office space since January when Morgan Stanley exercised a break clause. The group have been hit hard in the economic downturn because they rely heavily on the financial sector.

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