Developer Quadrant and private equity firm Oaktree are in advanced talks on one of the largest leases in Canary Wharf in recent years.

Challenger bank and fintech firm Revolut is in talks to lease about 113K SF at YY, the refurbishment of the former Thomson Reuters building in Canary Wharf, CoStar reports.

The deal would be a shot in the arm for the Canary Wharf and Docklands district, which has seen major tenants like HSBC and Clifford Chance move out in the past two years. About 145K SF was leased in the district in the first half of the year, data from DeVono showed, down 23% on the same period last year.

Revolut, which occupies about 80K SF in 7 Westferry Circus in Canary Wharf, appointed JLL to find it a new central London location. The company was valued at about £15B this summer. It began life in Level39, the incubator space run by Canary Wharf Group at its 1 Canada Square tower.

Oaktree bought the 408K SF former headquarters of media firm Thomson Reuters at 30 South Colonnade in 2019 from debt-laden Chinese investor HNA for about £135M, teaming up with Quadrant for a major refurbishment. The scheme includes a new facade, café, restaurant, retail units, a rooftop garden and a triple-height atrium.

The architect for the development is Buckley Gray Yeoman, and Knight Frank and CBRE are the joint leasing agents.

Prime rents in Canary Wharf are about £55 per SF, DeVono said.