Bear Stearns to move European HQ to Canary Wharf

Source: Canary Wharf Group

Canary Wharf Group plc (CWG) and Bear, Stearns & Co. Inc. (NYSE:BSC) announce that CWG has contracted to prelet to Bear Stearns 206,000 square feet in a new building of 300,000 square feet to be constructed at 5 Churchill Place.

Bear Stearns is a leading global investment banking, securities trading and brokerage firm. Construction of both the shell and core and fit out will be carried out concurrently by Canary Wharf Contractors Limited and will begin immediately for occupation in summer 2009.

5 Churchill Place is located at the eastern gateway to the Canary Wharf estate adjacent to the Barclays Bank PLC Headquarters and opposite the State Street Bank Headquarters building, which is presently under construction.

5 Churchill Place was designed by the architectural firm HOK and is a 12-storey building clad in a vertical expression of alternating clear glass windows and specially selected granite panels. The northern elevation, which faces a prominent approach to the building, has a generous amount of glass thereby maximising natural light into the building while still achieving energy savings.

Michel Peretie, Chairman of Bear Stearns in Europe said, "This building represents a major milestone in the development of Bear Stearns' franchise in Europe and confirms our commitment to the region. Our new European headquarters will provide us with the space we need to accommodate the significant expansion that we envisage."

George Iacobescu, Chief Executive Officer, Canary Wharf Group, said, "This news follows the recent announcement of 3 August 2006 regarding the recent lettings to ANZ, Atos Euronext, JLL, Morgan Stanley and Bear Stearns. These lettings together with the recent transaction to provide State Street with a new London headquarters which is currently under construction, illustrate Canary Wharf's success in meeting tenants varying needs by being able to provide both long and short term flexible leases. We are delighted that Bear Stearns has decided to increase their presence at Canary Wharf and also look forward to a new construction phase on the estate."

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