U.K.-based Canary Wharf Group's disclosure of options extended to some tenants, allowing the tenants to put 625,000 square feet of space back to the group. This caused a flurry of concern over the potential impact to bondholders of the Canary Wharf II securitization, which is backed by the cash flow of the leases.

The term of the leases allow tenants -Barclays, Skadden Arms, Lehman Brothers and Clifford Chance - to give the space back for a period of five to 10 years, according to Morgan Stanley. This means that these companies are essentially subleasing the space back to Canary Wharf, which then would become responsible for the rent on the property paid to the original tenant and then passed through to the rental accounts.

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