BoNY-M and Songbird in tune at Canary Wharf

LONDON (ShareCast) - Canary Wharf owner Songbird Estates (LSE: SBD.L - news) said US banking behemoth Bank of New York Mellon (BoNY-M) has renewed its lease at One Canada Square on the wind-blown financial district in the East End of London. BoNY-M, which is leasing 152,226 square feet of office space at One Canada Square, has renewed for a term of eight years, commencing at the start of 2014, at a rent of £42.50 per square foot. A rent-free period of 18 months will be granted from January 1st, 2014. The bank is taking space on floors 40, 41, 43, 47, 48 and 49 of the 50-storey building. There will be tenant-only break options for levels 40 and 41 at the fifth anniversary of the reversionary term (January 1st, 2019), subject to a penalty payable by the tenant equating to 10 months' rent. jh