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Visa is in talks to relocate its UK headquarters to Canary Wharf as activity in the London office occupational market continues to pick up.
The 170K SF block it is eyeing is at One Canada Square, one of the UK’s tallest skyscrapers, the Financial Times reported. The building is owned by Canary Wharf Group.
The credit card giant will take over space being vacated by ratings agency Moody’s, which is moving to the City. Moody’s is leasing 111K SF at CBRE Investment Management’s 10 Gresham Street, with the option of leasing another 32K SF.
Visa will relocate from about 150K SF in a building at British Land’s Paddington Central scheme on a lease that runs to 2028.
As well as Moody’s, those moving out of Canary Wharf include Clifford Chance, State Street and HSBC — although HSBC might actually be leasing more space in the Wharf because its new City HQ may be too small.
Deutsche Bank is reviewing its Canary office occupancy.
Those staying put include Morgan Stanley and Barclays, and JPMorgan Chase is expanding after completing a deal to take 150K SF at 1 Cabot Square that was previously occupied by Credit Suisse.
London office leasing hit 2.7M SF in the second quarter, data from Savills showed, up 18% on the same period last year. Firms looking for large chunks of space have been starting search requirements ever earlier due to the lack of suitable options, a situation caused by the lack of new development for the past five years.
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