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LONDON-Canary Wharf has received a timely boost with the first major letting at the Docklands office complex in two years. BP’s Integrated Supply and Trading division has agreed terms to lease 128,000 sf in 20 Canada Square. This firm evidence of occupier demand could strengthen the Canary Wharf Group’s hand in negotiations with Brascan, Morgan Stanley and Goldman Sachs, which are attempting to take the company private.

The lease agreement is for 101,000 sf on a 20-year term with breaks at 10 years and 15 years. In addition, to allow for future growth, BP has agreed terms to lease a further 27,000 sf on a five-year lease, with an option to extend this so it runs concurrently with the other lease.

20 Canada Square is the only speculative building currently available at Canary Wharf, although a large amount of space is available for sub-letting from existing occupiers. The 535,500-sf 12-floor glass and steel building was designed by Skidmore Owings & Merrill. It offers large floor plates of typically 40,000-45,000 sq ft. Global information services provider the McGraw-Hill Companies will also be occupying 266,000 sf at 20 Canada Square and will be moving in during January 2004.

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