O&Y;’s Canary Wharf Dealt New Blow: Texaco...
From Times Staff and Wire Reports
O&Y;’s Canary Wharf Dealt New Blow: Texaco Inc. said it has postponed plans to move its British headquarters and 1,000 staff members to Olympia & York’s Canary Wharf development in London, dealing another blow to the Toronto-based developer’s troubled project. Sources said the oil giant is worried about the fate of a delayed subway line extension to the Docklands site. American Express, another major prospective tenant, last week threatened to cancel plans to move 2,000 staffers to Canary Wharf unless O&Y; paid it an owed $41.5 million. O&Y; had used both firms’ relocation to boost the project’s image. Canary Wharf, Europe’s biggest office development, went into bankruptcy protection May 28.
