Revolut Signs 10-Year Lease for Office Space in Canary Wharf

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Revolut Signs 10-Year Lease for Office Space in Canary Wharf

Revolut, a groundbreaking fintech company, has recently made a significant move by securing a 10-year lease for office space in Canary Wharf. The company will occupy the top four floors of the renovated 30 South Colonnade, now named YY London, with plans for two prominent Revolut logos on the building pending planning permission, and a scheduled move-in date set for May 2025. Despite allowing many of their 10,000 employees to work remotely, Revolut intends to use this new office space for various purposes, such as product launches and team meetings, underlining their dedication to maintaining a physical presence in the heart of London's financial district.

In light of recent departures from Canary Wharf, including notable names like Clifford Chance and HSBC, Revolut's commitment to expanding its presence in the area is seen as a positive development for the district. The move is especially welcomed as Canary Wharf Group saw a decrease in the value of its portfolio by nearly £1bn last year, with a reported decline in pre-tax profits from £40m to £28m in 2023. Revolut's decision to significantly increase their London footprint by over 40%, occupying a total of 113,000 sq ft in the renamed YY London building, signifies a strong statement of confidence in the area where they originally began their journey in a start-up incubator back in 2015 before moving to Westferry Circus.

The rebranded 30 South Colonnade building, once the headquarters of Thomson Reuters, has undergone a substantial renovation costing £135m, now featuring a rooftop garden and functioning entirely on electricity to enhance its net-zero credentials. While the financial details of Revolut's lease remain undisclosed, it has been suggested that the asking rent was around £55 per sq ft. Revolut's management, including Chief Executive Nik Storonsky and Chief Executive of Revolut UK Francesca Carlesi, have expressed enthusiasm for the new office space, highlighting its role in their commitment to the UK, attracting talent in engineering and banking fields, and supporting the company's ongoing global expansion plans.