Newspaper article The Evening Standard (London, England)

CSFB Lets Wharf Space to Rival in Secret Deal

Newspaper article The Evening Standard (London, England)

CSFB Lets Wharf Space to Rival in Secret Deal

Article excerpt

Byline: ROSS DAVIES

INVESTMENT bank Credit Suisse First Boston has agreed a secret deal to sublet space to rival Bank of America that it had earmarked for its own expansion at Canary Wharf.

BoA is to take over 250,000 square feet, half the space that will be available in CSFB's new building, 5 Canada Square, which is due for completion next year.

With about 1.2 million square feet owned or leased, CSFB is Canary Wharf's biggest occupant and the deal with Bank of America would be the first major sublet in the Docklands office centre.

A deal can only go through on the say-so of owner Canary Wharf Group, the terms of whose leases oblige tenants to seek approval and to charge a rent that protects the value of the estate. The only tenant formally offering space is financial services firm Citigroup, which has asked property consultants CB Hillier to find a taker for 200,000 sq ft.

The CSFB deal is being brokered by BoA's advisers Jones Lang LaSalle, according to the trade journal Property Week. …

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