The new building will be completed by autumn 2008 and be ready for full occupation by State Street in early 2009. The building will comprise 300,000 sf of office space above ground plus ancillary space.

State Street already leases five floors of offices in Canary Wharf in the One Canada Square tower but 20 Churchill Place will be State Street's new London headquarters. It is located at the eastern gateway to the Canary Wharf estate, opposite the new Barclays Bank headquarters.

The new building will enable State Street to consolidate their City (Royal Exchange), West End (21 St. James Square) and Canary Wharf offices into one location. It is anticipated that State Street will begin a phased move into the building in autumn 2008 to be completed in early 2009.

Last week Canary Wharf said that Aon, the world's second largest insurance broker, was to move out of its offices around Liverpool Street in purpose built offices in Docklands. The broker wants 255,000 sf by 2009 when the main part of its lease at Devonshire Squire expires.

Aon's move, one of the biggest departures from the city, follows the move by Barclays and Lehman Brothers into new skyscrapers.

"We are delighted to have State Street expand their presence at Canary Wharf and to have agreed to build a London headquarters building for this leading international financial institution," says George Iacobescu, chief executive officer, Canary Wharf. "Given our land bank and world class development team we are uniquely positioned to satisfy demand for such buildings. The State Street building and the exclusivity agreement entered into with Aon for space in a new building at Canary Wharf which was announced last week mark a new phase of increased occupational and development activity."