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Deutsche Bank will lease 250,000 square feet in London's Canary Wharf, in a building currently occupied by Revolut, marking a substantial expansion in the district's office space demand. The YY building is owned by Oaktree Capital Management and Quadrant Estates, with Revolut being its first tenant last year. Canary Wharf, which faced office vacancies during the pandemic, is now witnessing renewed interest from major firms, including Visa and JPMorgan Chase, reflecting a broader recovery in London's financial district and a push for employees to return to physical offices.
Germany's Deutsche Bank has decided to lease around 250,000 square feet of office space in London's Canary Wharf, in a building currently branded by British fintech firm Revolut, according to reports from the Financial Times. The bank will occupy roughly twice the space that Revolut currently holds in the YY building on South Colonnade, sources familiar with the matter said. Advertisement
Deutsche Bank has not commented on the development. Canary Wharf Group, which manages the financial district, referred inquiries to Oaktree Capital Management, the asset manager that owns the building, while Oaktree declined to comment. The building was acquired in 2019 by Oaktree in partnership with Quadrant Estates. Quadrant Estates could not be reached for a statement.
Revolut became the first tenant of the YY building last year, expanding its headquarters by 40% of the floor space. The move by Deutsche Bank reflects renewed demand in Canary Wharf, which had faced a slowdown in office occupancy during the pandemic. The district has since seen increased interest as companies encourage employees to return to offices.
Other firms are also expanding in the area. Visa recently announced plans to relocate its European headquarters to Canary Wharf. Meanwhile, JPMorgan Chase unveiled plans for a new tower, projecting an investment of 9.9 billion pounds (USD 13 billion) over six years, including construction costs, and estimating the creation of 7,800 jobs in the local economy. Canary Wharf Group is co-owned by Qatar Investment Authority and Canada's Brookfield.
Source Reuters
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