Deutsche Bank moves into Revolut-branded Canary Wharf tower
Deutsche Bank is set to take roughly 250,000 sq ft of office space in Canary Wharf’s YY building, the Financial Times has reported.
The German bank will move into one of the Docklands’ biggest lettings of the year, providing the latest sign that the financial district’s fortunes are swinging back into recovery.
People familiar with the deal say the German lender will occupy around twice as much space in the South Colonnade tower as Revolut, which moved into the top four floors earlier this year and emblazoned its logo across both sides of the building.
A tenant of Deutsche’s size would be able to claim signage on one side of the tower, the people told the FT.
The lease marks a shift in the bank’s London footprint.
Deutsche’s main UK headquarters sits in Moorgate, but it opened a Canary Wharf outpost in 2016 and currently occupies 11 floors at 10 Upper Bank Street – space shared with Clifford Chance.
That lease expires in 2028 when the law firm returns to the City, prompting Deutsche to weigh up staying put with a smaller footprint or decamping elsewhere in the capital.
The bank, along with building owners Oaktree and Quadrant, declined to comment.
The YY buildin, previously Thomson Reuters’ European HQ and once known for the news ticker wrapped around its façade, has undergone a major refurbishment since its 2019 acquisition by Quadrant and Oaktree.
The tower now includes a rooftop terrace and Italian restaurant Barbarella, amenities that have helped draw in new tenants.
A Docklands revival
The deal comes at a moment when Canary Wharf is showing the first signs of a meaningful rebound after years of sliding valuations and a pandemic-era dip in office demand.
Rising rates and remote-working trends hammered landlords, and departures by major tenants, not least HSBC, which is shifting its HQ to the City, fuelled concerns about the Wharf’s long-term outlook.
But momentum is returning, with Visa yesterday announcing it will relocate its European headquarters to One Canada Square on a 15-year lease, taking around 300,000 sq ft from 2028.
What’s more, JPMorgan unveiled plans to develop a 3m sq ft tower on its own Wharf site, a scheme the bank says will pump nearly £10bn into the local economy and support thousands of jobs.
Bu leasing volumes are also climbing.
Canary Wharf Group (CWG) has already let more than 450,000 sq ft in 2025, putting it on course to beat last year’s total of 700,000 sq ft.
Property valuations, too, are stabilising.
A £2bn slice of CWG’s portfolio—representing about half of its office assets – rose 0.6 per cent between March and June, according to data reported by the Financial Times.
The other half is tracking a similar path, helped by steady commitments from long-time tenants including Barclays, Morgan Stanley, Citi, Fitch, JPMorgan and Revolut.
CWG has also secured planning permission for a 46-storey student housing block in nearby Wood Wharf as it continues diversifying the estate.
Even HSBC, while shifting its headquarters to St Paul’s, is set to retain some Docklands space rather than exit entirely.