Leading fintech company Revolut has signed a 10-year lease for office space in the heart of Canary Wharf, marking a major boost to the prestigious financial district.
The company will occupy the top four floors of the newly refurbished 30 South Colonnade building, now rebranded as YY London.
Subject to planning permission, the building will feature two prominent Revolut logos, with a move-in date set for May 2025. Although many of its 10,000 employees have been enabled to work from home, Revolut plans to make use of the new office for product launches and team meetings. . In addition, the company aims to hire an additional 1,500 employees worldwide by the end of 2024.
This high-profile deal comes as a welcome boost for Canary Wharf, which has seen several high-profile departures post-pandemic, including Clifford Chance and HSBC. Last year, nearly £1 billion was wiped off the value of the Canary Wharf Group's portfolio. The landlord, owned by the Qatar Investment Authority and US-based Brookfield, announced a drop in pre-tax profits from £40 million to £28 million in 2023.
Revolut, which was valued at £24 billion in a 2021 funding round, has deep roots in Canary Wharf, having begun its journey in the startup incubator at One Canada Square in 2015 and later moving to Westferry Circus.
Shubi Khan, CEO of Canary Wharf Group, praised Revolut's remarkable growth, saying: “Revolut's phenomenal rise is a powerful testament to the exceptional environment we have created for the world's leading and most innovative companies.”
The new office space will increase Revolut's London footprint by more than 40%, totaling 113,000 sq ft. 30 South Colonnade, once the headquarters of Thomson Reuters, was known for its distinctive news ticker displaying headlines and stock quotes. The 14-storey building, owned by property investors Quadrant and Oaktree Capital Management, now boasts a rooftop garden and runs solely on electricity, boosting its net-zero credentials. The cost of renovating the building is £135 million.
While Revolut declined to disclose the financial terms of the lease, Tristram Gethin, co-founder of Quadrant, previously indicated that the asking rent was around £55 per square foot.
Francesca Carlisi, CEO of Revolut UK, noted that the new office “reinforces our commitment to the UK” and will serve as a “creative environment to attract talent across engineering and banking”. Nick Storonsky, CEO of Revolut, added that the new headquarters will serve as the company's headquarters as it continues its global expansion.