Royal Dutch Shell has agreed a deal to move from its landmark UK headquarters on London’s South Bank to Canary Wharf.
Shell plans to redevelop the Shell Centre on the South Bank and has a signed a 15-year deal to move to Canary Wharf into offices previously occupied by Barclays. The oil major will take 10 floors, with the option for a further two, covering 187,000 sq ft.
The company will pay £37.50 per sq ft for the office space at Canary Wharf, with the first four years rent free. It will also have the option to leave after 10 years. About 1,600 staff will relocate to Docklands, with 1,700 remaining at Shell Centre.
James Smith, chairman of Shell UK, said: “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.”
George Iacobescu, chief executive of Canary Wharf Group, added: “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.”