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Deutsche Bank has opted to take about 250,000 sq ft of Canary Wharf office space in a building emblazoned with the logo of Revolut, the latest high profile lease for London’s Docklands financial centre.
The German bank will take about twice as much space in the YY building on South Colonnade as the UK fintech, people familiar with the matter said. The Financial Times earlier reported Deutsche Bank was in discussions to rent space there.
Revolut recently occupied the top four floors of the building as its UK headquarters, and its logo is displayed across the top of the building on both sides.
A new tenant taking as much or more space as Revolut would be able to splash its own logo on one side, people familiar with the matter said.
Deutsche’s headquarters are at Moorgate in the City of London, but it opened an outpost in Canary Wharf in 2016 as a supplement to its Square Mile premises.
Its current Docklands lease at 10 Upper Bank Street, which comprises 11 floors in Clifford Chance’s building, ends in 2028 when the law firm will return to the City.
Deutsche had considered staying in its existing building with a smaller presence or decamping for another location in London, the FT previously reported.
Previously the European headquarters of Thomson Reuters, the YY building was a Canary Wharf landmark with a ticker wrapped around it displaying the news agency’s headlines.
It has been owned by Quadrant and Oaktree Capital Management since 2019 and now features a rooftop terrace and Italian restaurant Barbarella following a recent refurbishment. Deutsche, Oaktree and Quadrant declined to comment.
Canary Wharf’s fortunes have started to revive after several years in which rising interest rates and falling demand for office space dented building valuations.
After a string of departures led by Europe’s biggest bank, HSBC, which is moving its headquarters to a site near St Paul’s, high profile tenants have started to return and valuations have been improving.
JPMorgan last month said it would develop its own site and construct a 3mn square-foot tower that could house up to 12,000 employees.
Visa last week said it would move its European headquarters to Canary Wharf and lease 300,000 sq ft at One Canada Square for a 15-year term, starting in 2028.
Even HSBC has opted to keep some space in the area rather than abandon it entirely.
Additional reporting by Simon Foy