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Deutsche Bank examines his presence at Canary Wharf in a decision that could lead the German lender to leave the East London financial district or to allow a third of his space.
People familiar with discussions said the bank would leave its premises at the 10 Upper Bank Street in Canary Wharf when its current lease expires in 2028 or reduced its space in the building, where it maintained an outpost for almost a decade.
DeutscheWho has its main headquarters in the United Kingdom in Moorgate in the Mile Carré, identified a surplus of 125,000 square feet of space above its current London office requirements, added the people. The bank occupies 375,000 square feet in Canary Wharf.
The change will make deutsche the last tenant of the financial services to withdraw from the docklands, following the HSBC and the law firm Clifford Chance. Barclays and Morgan Stanley both consolidated their space by withdrawing small district buildings while committing to stay in the region.
Deutsche opened an outpost in Canary Wharf in 2016 in addition to its former premises in the city of London. He sous -rit 11 floors in the building of Clifford Chance at the 10 Upper Bank Street, where the lease expires in 2028.
The bank hired real estate agents to advise it on a potential decision and has approached several owners on its limited list in recent weeks in search of terms for new premises, according to people familiar with the problem.
The options considered included the stay in the current building with a reduced presence, the transition to different premises in Canary Wharf or the move to another place in London, people said.
He began to move staff in his new London headquarters at 21 Moorfields in 2023, where he occupied more than 550,000 square feet of space, and is now preparing to move all the staff of Deutsche Numis from the British broker’s office on Gresham Street at the start of next year, people familiar with the case said.
Staying at 10 Upper Bank Street could make challenges because the almost 25-year-old tour should require substantial improvements, which means that Deutsche could be disrupted from construction work if it remains beyond 2028.
The property belongs to the majority owned by the insurer China Life, with minority participations held by the Qatar Investment Authority and Canary Wharf Group, who is manager.
While the East London Financial Center was faced with several outings of high -level tenants, the Canary Wharf office traffic is not entirely in one direction.
JPMorgan and Citi both have their towers, Citi engaging 1 billion pounds sterling to a renovation. JPMorgan seeks to extend its space by taking unused floors in the old Building of the Crédit Suisse.
HSBC also plans to take additional office spaces due to the concerns that its new head office near St Paul will be too small, while Fintechs Revolut and Zopa Bank are preparing to enter a new headquarters at Canary Wharf.
Deutsche Bank and Canary Wharf Group refused to comment.
