Morgan Stanley to consolidate Wharf offices

By Simon Hayes on January 29, 2009 6:33 PM |

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Morgan Stanley is set to quit one of its Canary Wharf offices.

The investment bank will give up 345,000sq ft of space at 20 Cabot Square from February 1 next year according to Songbird Estates, the parent company of Canary Wharf Group.

But the move is a simple one of consolidation as Morgan Stanley will transfer all staff currently in the building to its other Wharf offices at 25 Cabot Square and 20 Bank Street.

It means Morgan Stanley will still occupy around one million sq ft of space in the area.

A Morgan Stanley spokesman said: "This move represents part of our multi-year strategy to consolidate our space requirements in our two larger, wholly-occupied buildings: 25 Cabot Square and 20 Bank Street, our new European corporate headquarters."

Morgan Stanley had an option to break the lease on 20 Cabot Square 10 years before it was due to expire and exercised that option this week.

It occupies six floors of the premises, which is shares with Barclays Capital.

The move means Canary Wharf Group's investment portfolio will be 95.7 per cent let but Songbird are confident about future prospects for Wharf occupancy.

State Street will move into new headquarters at 20 Churchill Place later this year, KPMG is due to occupy its new office block at 15 Canada Square next year while Fitch are taking space at 30 North Colonnade.