8 Canada Square - Docklands , London, UK
N 51° 30.308 W 000° 01.051
30U E 706978 N 5710217
The home of the HSBC Bank, 8 Canada Square, is the second tallest building in Docklands.
Waymark Code: WMD3BF
Location: London, United Kingdom
Date Posted: 11/13/2011
Views: 7
Construction
Construction began in January 1999, with work beginning on the installation of the 4,900 glass panels commencing in summer 2000. The work was carried out by Canary Wharf Contractors.
Accident
During the construction of the building on 21 May 2000, a crane collapsed killing three construction workers. The Coroner heard that the three men died instantly from the impact of the 450 ft (140 m) fall.
Completion
The topping out ceremony took place on 7 March 2001, with the hoisting in of the final steel girder attended by bankers, journalists and contractors. The first HSBC employees began work in the building on 2 September 2002, with phased occupation completed by 17 February 2003, and the building's official opening, by Sir John Bond, taking place on 2 April 2003.
Surrounding buildings
Standing alongside the HSBC Tower are One Canada Square (popularly known as the Canary Wharf Tower); and the Citigroup Centre, which forms the British head office of the multinational US bank, Citigroup. It is also next door to Bank of America.
The tower is not open to the public.
Financial cost
Counting from its official opening in April 2003, it was only four years before difficulties emerged in managing the building and its associated costs. In April 2007, HSBC Tower was sold to Spanish property company Metrovacesa, becoming the first building in Britain to be sold for more than £1bn. On 5 December 2008, HSBC Holdings re-acquired ownership of the building, declaring that the agreement had resulted in a £250 million ($368 million) profit in the second half of the year. However, on 13 November 2009, HSBC once again sold the building, this time to the National Pension Service of Korea ('NPS') for £772.5 million. HSBC's income statement on completion declared a gain of approximately £350 million resulting from the transaction, which was finalised shortly before the end of the year 2009. Whether HSBC will attempt to take ownership of the building again in future remains unknown, but at present the building is fully occupied and continues to serve as the main headquarters of the company.
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