Following the relocation of a former tenant at 25 Canada Square, Canary Wharf, Citi explored ways to generate a greater return on their vacant space than that which could be achieved through a conventional letting. They worked in partnership with a serviced office provider to create a business centre which offered high quality facilities to the wider market as well as other tenants within the building. A floor of flexible workspace and a meeting venue was established within Citi’s headquarter building, which generated a substantial return and gave Citi themselves the ability to overflow in and out of the space when required.
Citi’s Realty Service EMEA Head of Real Estate commented: “we benefited from an immediate reduction in empty rates and service charge liability as a result of this agreement. Income was generated at a very early stage and over time the return will exceed letting expectations. The mix of clients has also resulted in a more stable income stream”.