Blackrock mulls a move to HSBC’s Canary Wharf tower

By:

Senior City Reporter

Add as a preferred source on Google
hsbc building
HSBC will exit its Canary Wharf pad next year.

Blackrock is mulling a move to HSBC’s Canary Wharf skyscraper with the site one of a number of locations viewed by the firm as it scouts for a new London headquarters.

The world’s largest asset manager has taken a look at the 8 Canada Square tower, which HSBC is set to vacate next year.

But the office of Europe’s biggest lender isn’t the only potential location on the docket, with the US investment giant also understood to have viewed Deutsche Bank’s former pad at 75 London Wall. Blackrock has also evaluated the Bishops Square development in East London.

The firm is aiming to find an office that can offer a minimum of 600,000 square feet, according to the Financial Times, which first reported the news.

A potential move to Canary Wharf comes amid a major resurgence for the hub, which has seen financial giants flock to the area over the last year.

Canary Wharf’s resurgence

Payments juggernaut Visa is set to switch its European headquarters to the Docklands in a move from its current spot in Paddington. The firm will take up a 300,000 square foot site at One Canada Square for a 15-year term.

The boss of the Canary Wharf Group, Shobi Khan, said the district “continues to attract a diverse range of global businesses.”

In the aftermath of the Autumn Budget, JP Morgan announced it would build a new 3m square feet tower in London, which will inject as much as £10bn over the next six years into the local economy.

The project is also expected to create an additional 7,800 jobs across construction and other local industries. Once finishes it will house up to 12,000 and serve as the bank’s main headquarters in UK and is biggest presence across Europe, the Middle East and Africa.

A report from The Times suggested the Treasury was weighing up offering JP Morgan a business rates discount of “up to 100 per cent” to ensure the UK didn’t lose the investment.

Elsewhere, Deutsche Bank is set to take around 250,000 square feet of office space in Canary Wharf’s YY building, which also hosts fintech giant Revolut.