Revolut has signed a significant 10-year lease at Canary Wharf’s YY London, marking a pivotal moment for the company’s expansion.
With this strategic move, the company aims to solidify its presence in London while maintaining flexible work-from-home options for its 10,000 employees.
Expanding Presence in Canary Wharf
Occupying the top four floors of the refurbished 30 South Colonnade, now known as YY London, Revolut is set to make a notable presence.
The building, with its unique rooftop garden and electric-only operation, will feature two prominent Revolut logos, pending planning approval.
Flexible Work Model
Despite enabling remote work for most of its 10,000-strong workforce, Revolut plans to use the new office for product launches and team meetings.
This approach allows for a blend of in-person collaborations and virtual work, catering to the diverse needs of their global team.
Boost to Canary Wharf
This high-profile deal is a significant uplift for Canary Wharf, which has faced numerous challenges post-pandemic.
The departure of major firms like Clifford Chance and HSBC had left a noticeable void in the area.
Revolut’s arrival comes as a much-needed boost, reflecting confidence in the district’s future.
Historical Ties with Canary Wharf
Revolut’s journey began in Canary Wharf’s startup incubator at One Canada Square back in 2015.
The company then moved to Westferry Circus as it continued to grow.
Office Space and Recruitment Plans
The new office space will expand Revolut’s footprint in London by over 40%, covering 113,000 sq ft.
The space was previously home to Thomson Reuters, known for its distinctive news ticker showing headlines and stock prices.
Revolut also plans to hire an additional 1,500 staff worldwide by the end of 2024.
Praise from Industry Leaders
Shobi Khan, CEO of Canary Wharf Group, praised Revolut’s growth, saying it highlights the area’s supportive environment for innovative companies.
Francesca Carlesi, CEO of Revolut UK, echoed this sentiment, noting that the new office will draw talent from engineering and banking.
Financial Details and Investments
While Revolut has not disclosed the lease’s financial terms, the asking rent was around £55 per sq ft.
The building’s refurbishment cost £135m, and it aims to enhance its net-zero credentials.
Revolut’s new lease in Canary Wharf signifies a strong commitment to its roots and future growth in London.
This move not only benefits the company but also revitalises Canary Wharf, indicating a positive outlook for the district.