Revolut has signed a 10-year lease on a skyscraper in the heart of Canary Wharf in a boost for the financial district.
The financial technology business has taken the top four floors of the recently refurbished 30 South Colonnade – now known as YY London.
The building will feature two Revolut logos on either side, subject to planning permission, with a move-in date earmarked for May 2025.
Despite allowing many of its 10,000 staff to work from home, Revolut said it planned to use the building for product launches and team meetings. It wants to hire a further 1,500 staff globally by the end of 2024.
The high-profile deal is a boost for Canary Wharf, which has faced a string of high-profile exits post-pandemic. Magic Circle law firm Clifford Chance and HSBC are among the residents planning to leave the docklands once their leases end.
Close to £1bn was wiped from the value of Canary Wharf Group’s portfolio last year. The landlord, which is owned by the Qatar Investment Authority and US group Brookfield, reported a fall in pre-tax profits from £40m to £28m in 2023.
Revolut, last valued at £24bn in a 2021 funding deal, has always been based in Canary Wharf. It began life based in a start-up incubator at One Canada Square in 2015 and Revolut’s previous London office was at Westferry Circus, also in Canary Wharf.
Shobi Khan, chief executive of Canary Wharf Group, said: “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 will increase Revolut’s office space in London by more than 40pc to 113,000 sq ft.
30 South Colonnade was previously the headquarters of Thomson Reuters. The building was easily spotted thanks to the news ticker that surrounded the block, displaying headlines and stock prices.
The 14-floor building, which is owned by real estate investor Quadrant and Oaktree Capital Management, now features a rooftop garden and runs solely on electricity, burnishing its net zero credentials. The tower’s overhaul cost £135m.
Revolut declined to comment on the financial terms of the deal, although Tristram Gethin, founding partner of Quadrant, has previously said the group was asking for rents in the region of £55 per sq ft.
Francesca Carlesi, chief executive of Revolut UK, said the new office “strengthens our commitment to the UK”, adding the office would act as a “creative environment to attract talent across engineering and banking fields”.
Nik Storonsky, Revolut’s chief executive, said the new headquarters “will serve as Revolut’s home as we expand across the globe”.
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