Author of the article:
Bloomberg News
William Shaw
(Bloomberg) — Citigroup Inc. will completely refurbish its 42-story office tower in London’s Canary Wharf district, a three-year undertaking that underlines the bank’s commitment to London and office-life even as it moves to more flexible ways of working.
The U.S. lender said in a statement Wednesday that it expects the overhaul of 25 Canada Square to be completed in 2025. The project will cost more than 100 million pounds ($135 million) and will require all staff to relocate while the work takes place, a person familiar with the matter said.
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The overhauled Citi Tower, which the bank bought for one billion pounds in 2019, will have a greater emphasis on shared work spaces and energy efficiency. It is expected to be the most carbon-efficient building in Citi’s real estate portfolio and home to 9,000 colleagues in London, as well as the bank’s EMEA headquarters.
Features include:
Creation of winter garden & health gardensA new ground floor connecting visitors to Canada Square and Jubilee Park, two of Canary Wharf’s biggest parksA greywater system where water from hand-wash basins and showers will be reused in flushing toilets and urinals
“Our rejuvenated EMEA headquarters will be designed to maximize collaborative work-spaces, supported by technology, to enable us to work flexibly and with maximum agility,” David Livingstone Citi’s chief executive officer for the EMEA region, said in the statement.
While the work is underway, staff will be housed in the neighboring 33 Canada Square, which the bank also occupies, as well as some additional temporary space it will also rent, the person said.
Citi emailed its London staff last week telling them to come in at least three days a week after the U.K. government ended its work from home guidance. Protective measures remain in place, including its lateral flow Covid testing program and staff should continue to test each Monday, Wednesday and Friday.
The Financial Times first reported the news.
©2022 Bloomberg L.P.
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