Revolut, the challenger bank, is in talks to take around 113,000 square feet of offices at Quadrant and Oaktree's YY office development in Canary Wharf in what would be a significant boost for the estate, CoStar News can reveal.
The fintech group, which has around 6,000 staff globally and 1,000 in London, where it began life in 2015, launched a search via JLL for a new headquarters across central London earlier this year.
It is presently in around 80,000 square feet at 7 Westferry Circus in Canary Wharf and the move could have seen another bank leave the estate after HSBC announced in June it was leaving its more than 1-million-square-foot Canary Wharf headquarters after more than two decades and moving to closer to 500,000 square feet at the redeveloped former British Telecom head office near St Paul’s Cathedral in the City of London.
Quadrant, the UK real estate asset management and development company, and its joint-venture partner, funds managed by Oaktree Capital Management, gained consent in 2020 for YY London, a comprehensive redesign of 30 South Colonnade at the gateway to the Canary Wharf estate.
The building, a Canary Wharf landmark thanks to the digital news ticker tape that threads around it, is being redeveloped to provide 408,000 square feet of offices with a new facade, café, restaurant and retail, a rooftop garden and a triple-height new ground-floor space with two prominent entrances.
Acquired by Quadrant off-market in May 2019, the architect for the development is BuckleyGrayYeoman and Knight Frank and CBRE are the joint leasing agents.
Oaktree and Quadrant struck a deal with Chinese investor Cindat Capital Management to purchase 30 South Colonnade from China's HNA Group.
As part of the deal, Cindat retained a small holding in the building, which had been the headquarters of multinational media and information firm Thomson Reuters.
30 South Colonnade was originally occupied by London Underground, but as of 2005 Thomson Reuters occupied the majority of the building except for a few retail tenants at the building’s lower levels.
Revolut is a global fintech bank founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.
Quadrant declined to comment.