InteriorExterior takes £55 million bank ref it
A HUGE deal to refurbish the headquarters of a leading US financial institution in London Docklands has gone to InteriorExterior.
A source close to the project said the firm had been sent a letter of intent for a £55 million contract to refit the UK headquarters of investment bank Morgan Stanley.
The 41,000 sq m building is at 25 Cabot Square at Canary Wharf in the east end of London. It was designed by architect Skidmore, Owings and Merrill and was built in 1991 by Canary Wharf Contractors, which was set up to develop the Canary Wharf Estate. But following 15 years of use it is now in need of an internal facelift.
InteriorExterior will carry out extensive refit work across all 17 floors, according to plans drawn up by architect Pringle Brandon.
Once the job is under way there could be a further deal for extra work, which would bring the total up to a possible £100 million, but this could depend on success early in the project.
The source said: 'It will be a very tricky one for InteriorExterior to carry out but, if it plays its cards right, the extra deal is there for the taking.
'The work will all be done while Morgan Stanley continues to occupy the offices, so the problem is going to be about shifting people around.
'It is a great contract but surprisingly there wasn't much competition. I'm not sure why.
'I think there were three contractors shortlisted. I would have expected Overbury to be one of those, but apparently they weren't.
'And the rumour had been that Bovis Lend Lease was on it but I don't think that was the case either.' Morgan Stanley is also a tenant on neighbouring building at 20 Cabot Square. But it is not known whether work will spread across to the neighbouring building, which is linked to number 25 by a footbridge that was built shortly after the original buildings were completed.
The redevelopment of the 81 m tall building is due to start in June and the work is expected to take around two and a half years to complete.