Oaktree Capital Management and Quadrant's signing of a major digital banking firm to 113,000 square feet in the heart of Canary Wharf has been awarded Lease of the Year for London by an independent panel of industry professionals for its role in injecting confidence back into the market.
The CoStar Impact Award deal involving Revolut at the YY London offices in London was a transformative moment for Canary Wharf as it helped to reinforce the district’s status as a premier financial and technology hub amid evolving market conditions, judges said.
Revolut’s decision to expand its offices, rather than downsize like many financial institutions such as HSBC and Clifford Chance, demonstrated its belief in London as a global fintech capital. It also acted as a catalyst for further investment and leasing activity.
The 10-year deal, involving JLL, Knight Frank and CBRE, also supported Revolut with its plans to grow its workforce by 40%, translating into a 40% increase in its office footprint. It was previously at 80,000 square feet in Westferry Circus, Canary Wharf.
About the project:
Revolut’s YY London headquarters sets new benchmarks for design, sustainability, and employee experience. The recently refurbished building, redesigned by BGY, is seen as a market-leading workspace which focuses on wellness, energy efficiency and flexible working environments.
It has a modernised facade, rooftop gardens, and amenities, such as a cafe and restaurant, while the building is recognised for its leading ESG credentials, matching Revolut’s commitment to sustainability and employee well-being.
The building comprises a total of 414,000 square feet of offices spanning 17 floors and links to the Elizabeth line via Canary Wharf underground station, which is opposite the building.
What the judges said:
“Canary Wharf has faced a turbulent few years, but the YY development was a bold and ambitious project that showcased the developers’ courage in design. In my view, Revolut might have left the district if not for this development. For that reason, they are truly deserving winners of this award,” said Shaun Simons, the founder of Compton
Guy Bowring, office agency and asset management, Tuckerman, added: “Key deal for the area at a time when key names have departed, and amid challenging market conditions. Showing resilience in this submarket, whilst also ticking the key boxes of sustainability, strong Wellness credentials and providing space suitable for an occupier embracing the new hybrid working culture.”
Polly Simpson, head of multifamily development at Savills saw it as: “Bucking the trend of office take up in CW and sending a signal to London and the world that the Wharf remains an attractive destination to do business.”
They made it happen:
Rob Macnab, partner, London office leasing at Knight Frank; Peter Gray, partner in Knight Frank's London office agency team; Dan Gaunt, co-head of London office leasing at Knight Frank; Tom Meijer, senior director at CBRE; Mark Slim, senior director at CBRE; Danielle Kerindi, director of tenant representation at JLL; and Tom Curry, head of City tenant representation and director at JLL.
