Revolut has signed a significant 10-year lease at Canary Wharf’s newly refurbished YY London, reinforcing its deep-rooted commitment to the heart of London’s financial district. This move is set to bolster the firm’s presence in the capital while providing enhanced flexibility and a creative workspace for its employees.
The agreement includes the top four floors of 30 South Colonnade, with a scheduled move-in date of May 2025. This strategic expansion aligns with Revolut’s global growth ambitions, signalling a robust confidence in London’s role as a leading financial hub.
A New Home in Canary Wharf
Revolut’s new headquarters will occupy a prominent position at the top of YY London, previously known as 30 South Colonnade. This building, which once housed Thomson Reuters, has undergone a £135m refurbishment to meet modern standards, including a rooftop garden and complete reliance on electricity to enhance its net-zero credentials.
The redesign and rebranding of the 14-storey building signify a fresh chapter for the space. Subject to planning permission, the edifice will feature two highly visible Revolut logos, further embedding the company’s identity within the landscape of Canary Wharf.
Strategic Expansion Amid Post-Pandemic Challenges
Despite enabling a significant number of its 10,000 employees to work remotely, Revolut plans to utilise the new office for essential activities such as product launches and team meetings. The company also aims to recruit an additional 1,500 staff members worldwide by the end of 2024.
This move comes as a welcome relief to Canary Wharf, which has experienced notable tenant departures post-pandemic, such as Clifford Chance and HSBC. Such high-profile leasing agreements are crucial for revitalising the area.
Revolut’s Historical Ties to Canary Wharf
Revolut’s connection to Canary Wharf dates back to its early days in a start-up incubator at One Canada Square in 2015. Over the years, the company has expanded its footprint within this financial district, moving to Westferry Circus before this latest significant upgrade.
Shobi Khan, Chief Executive of Canary Wharf Group, praised Revolut’s remarkable growth, noting how the company’s success is a testament to the supportive environment fostered in the area.
This new office space will increase Revolut’s presence in London by over 40%, totalling 113,000 sq ft, a substantial leap from their previous operations in the city.
An Investment in Modern Office Spaces
The newly refurbished YY London is set to become a prime location for innovative businesses. Its transformation cost about £135m, significantly modernising the infrastructure to meet contemporary demands. The building is now powered entirely by electricity, reinforcing its commitment to sustainability.
Real estate investors Quadrant and Oaktree Capital Management now own the building, which has seen a variety of uses and tenants over the years. The renovation includes modern amenities such as a rooftop garden, making it a desirable place for companies seeking a blend of sustainability and modernity.
Reinforcing Commitment to the UK Market
Francesca Carlesi, Chief Executive of Revolut UK, emphasised that the new office will create a creative environment aimed at attracting top talent, particularly in the engineering and banking sectors. This aligns with Revolut’s ambition to emerge as a global leader in financial technology.
By establishing a significant office in London, Revolut signals its enduring commitment to the UK market. Despite the challenges posed by a post-Brexit landscape, the firm aims to thrive and expand within the UK’s robust financial sector.
Revolut’s presence in Canary Wharf underscores its strategic vision of leveraging London’s financial district to drive international growth. The new office will serve as a pivotal hub for the company’s ongoing global expansion efforts.
Economic Impact on Canary Wharf
The signing of this lease is a notable boost for Canary Wharf, an area that has faced economic pressures, including a nearly £1bn decrease in the value of the Canary Wharf Group’s portfolio last year.
The Qatar Investment Authority and US-based Brookfield, which own Canary Wharf Group, reported a significant drop in pre-tax profits from £40m to £28m in 2023. This lease agreement, therefore, represents a positive development for the financial district.
Industry Leadership and Future Plans
Nik Storonsky, Revolut’s Chief Executive, stated that the new headquarters would act as a home base for the company as it continues its global expansion. This move is part of a broader strategy to position Revolut as a leader in the digital banking and financial technology sectors.
The decision to establish a significant presence in Canary Wharf, despite the firm’s global aspirations, highlights the area’s importance as a financial hub. The office will support Revolut’s operations as it scales up its international activities.
Revolut’s 10-year lease at Canary Wharf’s YY London is a significant development, promising to invigorate the financial district while supporting the company’s global growth strategy. This move underscores Revolut’s commitment to maintaining a strong presence in London, fostering innovation, and driving its expansion in the financial technology sector.
The company’s choice of YY London, a building with impressive sustainability credentials, reflects its forward-thinking approach towards creating a conducive environment for talent and business growth. As Revolut continues to scale its operations, its new headquarters will undoubtedly play a crucial role in its journey towards becoming a global financial technology leader.
