Canary Wharf Group has signed a prelet agreement for half of its 500,000 sq ft (46,000 m2) tower development at 25 Churchill Place in London's Canary Wharf office estate. The European Medicines Agency (EMA) is to occupy 23,000 m2 over the promenade, ground and the first nine office floors in the 20-storey building.

The agreed rent is £46.50 (EUR 53.40) per square foot commencing on 1 January 2015 with five yearly upwards-only rent reviews. The length of the lease is 25 years with no breaks and EMA has options to take an additional four floors of around 2,550 m2 each. EMA will receive a 37-month rent-free period, which will be used to pay for EMA's fit-out of the building.

The building's substructure has already been completed and work on the tower will begin in the fourth quarter of 2011.

In a statement, Canary Wharf Group described the building of 25 Churchill Place as a 'symbolic milestone' that completes the development of the original Canary Wharf masterplan. The balance of the lettable space will be marketed by Canary Wharf Group as construction progresses.

As a result of the pre-let to EMA, Canary Wharf Group is in advanced discussions about funding for the project with a number of lenders.