Morgan Stanley extends Canary Wharf lease until 2038
Morgan Stanley’s United Kingdom arm has extended a lease on its 547,000-sq-ft European headquarters in Canary Wharf, here, to 2038, committing to the Docklands financial hub even as rivals relocate in search of smaller offices.
In a statement on Wednesday, Morgan Stanley chief operating officer for Europe, the Middle East and Africa (EMEA), Chris Beatty, said the United States bank was “looking forward to witnessing the next stages of Canary Wharf’s evolution first hand”.
“Canary Wharf has been the location for our EMEA headquarters for over 30 years and we’re pleased to be extending that tenure,” said Beatty.
Last June, HSBC said it was quitting its 45-floor skyscraper, one of the district’s landmark buildings, for a smaller, lowerrise property in the city.
The decision raised questions about whether Canary Wharf could continue to hold onto the world’s biggest financial occupiers, but last December, British bank Barclays also pledged to stay in its One Churchill Place tower until 2039.
Many of London’s largest offices have emptied out since the Covid-19 pandemic, with thousands of employees ditching long and expensive commutes in favour of hybrid working patterns.
Top London-focused landlords are hoping that environmentally compliant buildings in prime locations will earn higher rents as tenants become more selective about their office requirements.
Canary Wharf has been the location for our EMEA headquarters for over 30 years... CHRIS BEATTY Morgan Stanley chief operating officer for Europe, the Middle East and Africa (EMEA)