Revolut, the global fintech group, will relocate its global headquarters to 113,000 square feet of offices at the YY London building in the centre of Canary Wharf, in a deal revealed by CoStar News last year.
Revolut is committing to a 10-year lease at the newly refurbished building with the move due to take place in May 2025. The company says it now has over nine million UK customers and 40 million globally. The new headquarters will help facilitate the growth of its UK and global operations.
Revolut is moving to the heart of the Docklands business district, havingoccupied 80,000 square feet in Westferry Circus at the estate. The company conducted a city-wide search for its new global office, opting for the YY London building due to its "best in class workspace, nearby amenities, and leading ESG credentials", according to a company release. It added that YY London’s innovative design prioritises sustainability, employee wellbeing and productivity.
Revolut’s office footprint in London will increase by over 40% as it takes four floors.
The company said that as a remote-first business, it plans to use its new office in a more innovative way, taking advantage of the increased space for product launches, workshops, team building activities and other events. It said it plans to grow its global workforce by 40% in 2024.
Shobi Khan, CEO of Canary Wharf Group, added: “We are delighted Revolut has recommitted to Canary Wharf – the very place their remarkable journey began. From their humble beginnings in 2015 when they started out with just two desks at Level39 – our tech incubator, to now expanding into their Global Headquarters. Revolut's phenomenal rise is a powerful testament to the extraordinary environment we have created for the world's leading and most innovative companies.”
Tristram Gethin, founding partner at Quadrant, which co-owns the building, said: “Canary Wharf has been completely transformed into a thriving mixed-use neighbourhood and leisure destination in recent years, which has been supported by YY London, a new sustainable building that delivers on what modern businesses like Revolut require from their workspace."
YY London was bought in 2019 by a joint venture between Quadrant and Oaktree Capital Management and the refurbishment was completed in 2023.
Revolut's decision is a major boost for Quadrant and Oaktree's development as well as the Canary Wharf estate.
Revolut could have the estate entirely, which would have been another blow, after HSBC announced in June 2023 it was leaving its 1-million-square-foot-plus headquarters after more than two decades and moving to closer to 500,000 square feet at near St Paul’s Cathedral in the City of London.
CoStar News caught up with developer Canary Wharf in April to discuss how a number of commitments underlined how reports of an occupier exodus at the estate are missing a broader story of rejuvenation and expansion.
YY was 30 South Colonnade, a Canary Wharf landmark thanks to the digital news ticker tape that threaded around it. The building has been 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.
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 the building 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.
Revolut is a global fintech bank founded in 2015 by Nikolay Storonsky and Vlad Yatsenko.