Canary Wharf Group plc (‘Canary Wharf’) and BP’s Integrated Supply and Trading (IST) division, announces that formal contracts have been exchanged for the lease of approximately 140,500 sq ft of space in 20 Canada Square. This is an increase of 12,500 sq ft above the 128,000 sq ft announced at the signing of the initial heads of agreement in September 2003.

The lease agreement is for 140,500 sq ft on floors 1,2 & 3 and part of floor 4 (with basement storage) on a 20-year term with tenant only breaks at 10 years and 15 years. If no break is exercised at the end of the 10th year, a one-year rent-free period will be granted.

To accommodate future growth, IST has an option on the remainder of floor 4, (30,800 sq ft) exercisable up until 1 April 2004. If this option is exercised, BP will acquire a break right on the 4th floor only exercisable at the end of the 5th year of the term, upon payment of a one-year rental penalty. In addition, should IST exercise its option over the remainder of floor 4, it will acquire an additional option on the 5th floor (40,900 sq ft) exercisable up until 1st September 2004 and, subject to exercising its options on the 4th and 5th floors, an option on the 6th floor (47,000 sq ft) exercisable up until 1st November 2004.

The recently completed 535,000 sq ft 12-floor glass and steel building was designed by leading architects Skidmore Owings & Merrill. The building offers large floor plates of typically 40,000–45,000 sq ft. Located in a prime position at Canary Wharf on the south east corner of Canada Square Park, it provides underground links to the Jubilee Line and Docklands Light Railway stations as well as direct access to the retail, which extends to over 600,000 sq ft of shops, bars and restaurants.

The building is bordered to the south by the five acre Jubilee Park and the new Clifford Chance, Northern Trust and Lehman Brothers headquarter buildings. To the north it shares its Canada Square location with the world headquarters of HSBC and the European headquarters of Citigroup, Credit Suisse First Boston, Bank of America and in the future of Barclays Bank plc (expected to move in during the fourth quarter of 2004). The McGraw-Hill Companies, the global information services provider, will also be occupying some 266,000 sq ft at 20 Canada Square.

BP’s IST division were advised by DTZ, Canary Wharf Group were advised by CB Richard Ellis and Knight Frank.

George Iacobescu, Chief Executive, Canary Wharf Group plc, said:

“We are extremely pleased to be welcoming BP, one of the largest and most prestigious companies in the world. We had an excellent collaboration with BP’s professional management team and are happy to have been able to satisfy the present and future requirements of IST. Canary Wharf prides itself on being in a position to offer the highest quality office space with the best available technological specification and fit-out, a major requirement for an occupier such as BP’s IST division.”