Citi to Overhaul Canary Wharf Skyscraper for Flexible Work Era

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…
Citi to Overhaul Canary Wharf Skyscraper for Flexible Work Era

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.

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.

Bloomberg.com

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Carl Icahn exits Occidental Petroleum -WSJ
Read More

Carl Icahn exits Occidental Petroleum -WSJ

This advertisement has not loaded yet, but your article continues below. Author of the article: Article content Carl Icahn exited a bet on Occidental Petroleum Corp., selling the last of what was once a roughly 10% stake in the oil-and-gas producer, the Wall Street Journal reported https://www.wsj.com/articles/carl-icahn-exits-occidental-petroleum-after-nearly-three-years-11646596800?mod=latest_headlines on Sunday. (Reporting by Akanksha Khushi in Bengaluru…
Nevada Exploration Announces Private Placement
Read More

Nevada Exploration Announces Private Placement

Author of the article: NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Aug. 29, 2022 (GLOBE NEWSWIRE) — Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) announces a non-brokered private placement offering of up to 40,000,000 units (the “Units”) at a price of $0.025 CAD…
Gold holds ground as Ukraine risks offset Fed rate views
Read More

Gold holds ground as Ukraine risks offset Fed rate views

Author of the article: Gold prices were steady on Wednesday as investors refrained from making big bets ahead of a decision on the pace of policy tightening by the U.S. central bank, while tensions surrounding Ukraine kept bullion near the previous session’s 10-week high. Spot gold held its ground at $1,845.70 per ounce, as of…
CloudMD Announces Results of the Annual General & Special Meeting
Read More

CloudMD Announces Results of the Annual General & Special Meeting

Author of the article: VANCOUVER, British Columbia, Nov. 09, 2021 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “ Company ” or “ CloudMD ”), a healthcare technology company transforming the delivery of care, has announced the results of its annual general and special meeting (“ AGM ”)…