Barclays to stay at iconic Canary Wharf until 2039 as WHF sees headquarter culture change

Barclays to stay at iconic Canary Wharf until 2039 as WHF sees headquarter culture change

21 Dec    Finance News, News

Barclays has reached an agreement to stay in its Canary Wharf headquarters until at least 2039, in a boost to the London docklands financial district following a string of exits from other high profile firms.

Canary Wharf Group said the bank had agreed a five year lease extension on its tower One Churchill Place.

Barclays has also agreed to give back a second building at 5 North Colonnade which it decided to leave in 2021.

Its decision to stay comes as rival HSBC said it would leave its headquarters at Canary Wharf when its lease expires in 2027 and would move back to the heart of the City.

Canary Wharf has received a major boost in the last year following the completion of the Elizabeth Line.

The new route is now responsible for one in every six journeys on the London Underground, and allows commuters to get from the banking and financial districts, to Heathrow, in under an hour.

Canary Wharf has faced challenges amid a world of changing work culture and rising interest rates.

But today, Alastair Blackwell,chief executive officer at Barclays, said Canary Wharf is a “fantastic place to work”

He said: “After announcing our intention to exit 5 North Colonnade in 2021, I am pleased we have reached this agreement with CWG which delivers a long-term cost saving for the bank.

“Canary Wharf is a fantastic place to work and our 5-year lease extension at One Churchill Place is testament to that.”

John Mulqueen, chief investment officer at CWG, added that “Canary Wharf is a 15 minute city with access to great transport links, access to 16.5 acres of parks and a wide range of amenities and cafes, bars and restaurants.”

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