By Lars Mucklejohn
Fintech Revolut is in negotiations to relocate its headquarters to a more central area of Canary Wharf, according to reports, in what could be a boost for the struggling financial district.
The area has suffered in recent months from rising vacancy rates, a shift to working from home and the loss of flagship tenant HSBC.
Revolut is in talks to secure 113,000 square feet in the iconic YY building in the Docklands after the lease on its current headquarters at 7 Westferry Circus expires next year, Costar first reported.
“Revolut continues to grow and expand,” the company told City A.M.: “We are currently reviewing our London office options but no decision has yet been made.”
Costar data released last month showed office vacancy rates in the Docklands were 14 per cent, higher than the City’s 11 per cent and the West End’s six per cent.
The Canary Wharf Group received a £400m injection from shareholders Brookfield and the Qatar Investment Authority last month to attract new tenants to the estate.
The YY building, formerly known as 30 South Colonnade, was designed by Kohn Pedersen Fox and built in 1991.
Real estate asset manager Quadrant and Oaktree Capital Management secured planning permission to redesign the building in 2020.
Revolut, founded in 2015, employs more than 1,000 staff in the UK.
The fintech company has been pushing to obtain a UK banking license for more than two years and join the likes of Monzo and Starling as a challenger bank.
