Who would have thought that WeWork would come to the rescue of the EU in its dispute with the Canary Wharf Group?
The long running battle over whether Brexit would ‘frustrate’ the EMA’s lease of 30 Churchill Place was on its way to the Court of Appeal. Canary Wharf struck the first blow with what some saw as a surprising success in the High Court.
The question was whether an unforeseen event such as Brexit could effectively bring an end to the lease thereby relieving the EMA of an estimated £500m in rent and other obligations. The case has been settled as the lease obligations have been taken on by WeWork.
The property industry will breathe a sigh of relief to see the High Court decision stand meaning that tenants can’t use Brexit as a reason to walk away from their leases.
WeWork is taking up the 284,000 square foot of accommodation at 30 Churchill Place in Canary Wharf as a new subtenant, replacing the EMA, which relocated to Amsterdam in March. Earlier this year the EMA lost a landmark case for the commercial property industry ahead of Britain’s departure from the EU, when it tried to cancel on its £500m lease.
https://www.cityam.com/ema-to-sublet-canary-wharf-building-to-wework-after-high-court-defeat/
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