Morgan Stanley building set to undergo major overhaul
The tender process for the next major refurbishment of a Canary Wharf office block is set to get underway in the next few months, Building understands.
Morgan Stanley has been at its 20 Bank Street site for more than 20 years with the 14-storey block, designed by SOM, completed by Canary Wharf Contractors in 2003.
Last year, the US investment bank agreed to stay at the office for another 14 years in a boost to the financial centre that has been hit by high-profile tenant departures.
Morgan Stanley’s lease on its European headquarters was extended from the current end date of 2028 to at least 2038.
As part of the deal, Canary Wharf Group, which owns the building, agreed to fund an extensive refurbishment of the 547,000sq ft building, including upgrading the building’s energy efficiency.
Building understands tenders for the work, believed to be north of £350m, will be out later this year with Structure Tone, which has taken over ISG’s Google job at King’s Cross, Overbury and Mace all eyeing the job.
Overbury is carrying out the refurbishment of Citigroup’s 42-storey tower at 25 Canada Square with the price set to hit £1bn by the time it is completed next year, making it the firm’s biggest ever project. The tower, designed by César Pelli & Associates, was completed in 2002.
Overbury is also lined up for a £250m contract at HSBC’s new headquarters at 81 Newgate Street, close to St Paul’s, which has been carried out by Mace.
HSBC is due to move out of its current office at 8 Canada Square, which is due to be turned into mixed-use under plans drawn up by KPF, by 2027.
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