Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now

Business

Revolut Secures 10-Year Lease in Canary Wharf, Enhancing its Commitment to London

Revolut, the pioneering financial technology company, has signed a 10-year lease for office space in the heart of Canary Wharf, signifying a significant boost for the prestigious financial district.

The company will occupy the top four floors of the newly refurbished 30 South Colonnade, now rebranded as YY London.

Subject to planning permission, the building will feature two prominent Revolut logos, with a move-in date scheduled for May 2025. Despite enabling many of its 10,000 employees to work from home, Revolut plans to utilise the new office for product launches and team meetings. Additionally, the company aims to recruit an additional 1,500 staff worldwide by the end of 2024.

This high-profile deal comes as a welcome boost for Canary Wharf, which has seen several notable departures post-pandemic, including Clifford Chance and HSBC. Last year, nearly £1bn was wiped from the value of Canary Wharf Group’s portfolio. The landlord, owned by the Qatar Investment Authority and US-based Brookfield, reported a decline in pre-tax profits from £40m to £28m in 2023.

Revolut, valued at £24bn in a 2021 funding round, has deep roots in Canary Wharf, starting its journey in a start-up incubator at One Canada Square in 2015 and later moving to Westferry Circus.

Shobi Khan, Chief Executive of Canary Wharf Group, praised Revolut’s remarkable growth, stating, “Revolut’s phenomenal rise is a powerful testament to the extraordinary environment we have created for the world’s leading and most innovative companies.”

The new office space will increase Revolut’s London footprint by over 40%, totalling 113,000 sq ft. Previously the headquarters of Thomson Reuters, 30 South Colonnade was notable for its distinctive news ticker that displayed headlines and stock prices. The 14-storey building, owned by real estate investors Quadrant and Oaktree Capital Management, now boasts a rooftop garden and operates solely on electricity, enhancing its net-zero credentials. The building’s refurbishment cost £135m.

While Revolut declined to disclose the financial terms of the lease, Tristram Gethin, founding partner of Quadrant, has previously indicated that the asking rent was approximately £55 per sq ft.

Francesca Carlesi, Chief Executive of Revolut UK, remarked that the new office “strengthens our commitment to the UK,” and will serve as a “creative environment to attract talent across engineering and banking fields.” Nik Storonsky, Revolut’s Chief Executive, added that the new headquarters will act as the company’s home as it continues its global expansion.

Read more:
Revolut Secures 10-Year Lease in Canary Wharf, Enhancing its Commitment to London

    You May Also Like

    Business

    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...

    Business

    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...

    Business

    Mark Zuckerberg has laid off more than 11,000 Meta’s employees, about 13 per cent of its global workforce, in what he described as “some...

    Business

    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...

    Disclaimer: rightdecisionnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 rightdecisionnow.com | All Rights Reserved