Canary Wharf buys European Medicines Agency’s Westferry HQ in £46m deal

The Docklands HQ of the European Medicines Agency has been bought in a £46.6 million deal by Canary Wharf Group.

The prestigious eight-storey office block at 7 Westferry Circus owned by the Teachers Group consists of 164,000sq ft of offices rented out to the agency at almost £7m a year and 15,500sq ft of retail space.

The rental agreement runs out in December, 2014—but the agency is moving before then to its new headquarters at Canary Wharf’s latest tower development at 25 Churchill Place.

The sale means Canary Wharf Group is reclaiming ownership of 7 Westferry Circus and aims to use it to attract more diverse tenants in line with market demand.