GVA secures new Canary Wharf HQ for the CMA

Type News

Date 20/08/2018

GVA announces that it has secured 112,000 sq ft of office space on behalf of the Competition and Markets Authority (CMA) at Hines’ The Cabot, a 455,000 sq ft office building in Canary Wharf.

The non-ministerial government department has agreed to take a new 15-year lease across part of the ground floor and floors seven, eight and nine of the building, which is currently undergoing a comprehensive redevelopment.

Having first commenced work with the CMA in 2017 in an agency, project management and workplace consultancy role, GVA has implemented an integrated approach to ensure the CMA’s requirements for its new office accommodation were holistically understood from the initial phases through to implementation and delivery. This approach made significant use of GVA’s workplace programme management offer at an early stage.

In total, GVA has been providing ten different service lines in its work for the CMA, demonstrating the strength and flexibility of its multi-disciplinary platform. To date this has included agency, building consultancy, government and public sector services, business rates, lease consultancy, facilities management consultancy, planning consultancy, service charge consultancy and sustainability consultancy, as well as fit out project management, cost management, project management and workplace consultancy.

GVA’s Lead Director for the project Alasdair Gurry, in the City Agency team, said: “The execution of this transaction with the CMA and Hines is a strong endorsement of our ability to get to the heart of what a client is looking for and utilise our multi-disciplinary platform to provide unique and tailor-made solutions from inception to delivery, providing a truly synergistic and seamless service. We have been able to guide the CMA throughout this process to ensure that the new premises were secured on the best possible terms and create a modern and collaborative working environment for the CMA.

"The letting provides a considerable boost to the Canary Wharf market that, last year, saw take-up reach just 160,000 sq ft. Despite a backdrop of continued uncertainty, the market has strengthened over recent months, with the arrival of the Elizabeth Line expected to galvanise it further."

GVA acted for the Competition and Markets Authority, Hines was advised by Knight Frank, CBRE and Squarebrook.