Latest news with #officelease
Times
08-08-2025
- Business
- Times
HSBC leases new Canary Wharf office after return-to-office desk shortage
HSBC is to remain in Canary Wharf after red-faced bosses signed a lease that will keep Europe's biggest bank in the Docklands business district for at least the next 15 years to prevent a desk squeeze. The decision to take 11 floors at 40 Bank Street, another skyscraper near the landmark HSBC Tower, which it will still vacate in 2027, is a tacit admission that it got its post-pandemic downsizing wrong. In 2023, HSBC announced it would be exiting its 1 million sq ft Canary Wharf headquarters in favour of a new building next to St Paul's Cathedral, roughly half the size. That one of its largest, most prominent tenants was leaving was a blow for the Wharf, which at the time was seeing a succession of tenants making the move to the Square Mile. However, since Georges Elhedery, HSBC's new chief executive, joined last year, the bank has been looking for more office space in London. With more people having returned to the office, HSBC was worried that it would need almost 8,000 more desks than would fit in its new HQ. In total, HSBC will have about 710,000 sq ft of office space in London from 2027, which is not much less than it was using at its current tower before the pandemic. Although that 45-storey building is 1 million sq ft in total, HSBC has for some time not used a number of those floors. • Suzy White, who was appointed chief operating officer last October, said the group was 'delighted to be retaining a presence in Canary Wharf', adding: 'Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital and remains a key element of our business continuity strategy.' Shobi Khan, chief executive of Canary Wharf Group, said he was 'thrilled' to be keeping HSBC in the Wharf. 'This letting reflects the enduring appeal of our mixed-use neighbourhood where commerce, community and culture thrive,' he added. HSBC's lease at its current tower expires in 2027, at which point C WG, co-owned by Brookfield, the Canadian investor, and the Qatar Investment Authority, is planning a dramatic overhaul. ALAMY Chunks are likely to be taken out of the façade to give it a different look, and it will cease to be just an office block: in addition to workspace, architects are exploring how they can work in other uses, including a hotel. HSBC's U-turn is the latest piece of welcome news for Canary Wharf, which has seen the tide of negativity it has faced in recent years begin to turn in its favour. BBVA, Spain's second-largest bank, agreed this week to expand its office and extend its lease. Others to have recommitted to staying in the area include Barclays, JP Morgan, Morgan Stanley, Revolut and Citibank, which is spending a reported £1 billion renovating its own skyscraper. CWG has been trying to win over tenants by investing heavily to improve the area and create more of a 'community'. It has spent £7 billion since the pandemic on opening the access to the waterways, improving the public realm and building blocks of flats, new shops and restaurants. Agents, however, think there is a more straightforward reason as to why businesses are starting to look more favourably at Canary Wharf again: money. Such is the demand for 'prime' office space that there is next to nothing available in either the West End or the City, and where floors are available, landlords are asking for twice as much rent compared with Canary Wharf.
Yahoo
08-08-2025
- Business
- Yahoo
HSBC makes U-turn on Canary Wharf exit after desks shortage
HSBC has rowed back on plans to quit Canary Wharf as a shortage of desks prompted the banking giant to sign up for a new lease in the ailing property district. The lender announced a 15-year deal for 210,000 sq ft in Canary Wharf on Friday, just weeks after chief executive Georges Elhedery ordered all managing directors to be in the office for at least four days a week from October. It marks an unexpected boost for Canary Wharf, as HSBC had previously confirmed plans to leave in favour of a new office in the City. The new office space will be located at 40 Bank Street in Canary Wharf, a short walk from its current headquarters in 8 Canada Square, a 45-floor skyscraper. Former HSBC chief Noel Quinn had previously said the bank was moving to reduce its office footprint and drive down costs. However, his successor's return to office mandate has led to a change in tack owing to a lack of desk space in its new City headquarters. The bank's new base near St Paul's Cathedral is about half the size of its Canary Wharf HQ, which it is set to leave in early 2027. HSBC has been based in Canary Wharf since 2002, where it boasts around 8,000 staff. Suzy White, chief operating officer of HSBC, said: 'Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital.' The new agreement marks a boost for the privately owned Canary Wharf Group, which has been battling to retain companies in the wake of the pandemic. Canary Wharf has suffered a string of high-profile exits in recent years, including ratings agency Moody's and the magic circle law firm Clifford Chance. However, this trend might finally be easing amid a shortage of high-quality office space in the Square Mile. Visa, the payments company, is considering moving its European headquarters to the area, while BBVA, the Spanish bank, has also recently signed a lease to take 250,000 sq ft in Canary Wharf. In a bid to turn around its fortunes and boost footfall in the evening, Canary Wharf Group has expanded the area's retail, leisure and hospitality offering. The group, which is co-owned by the Qatar Investment Authority and Canadian private equity firm Brookfield, has also increased the number of residential units and hotels in the area. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
08-08-2025
- Business
- Telegraph
HSBC makes U-turn on Canary Wharf exit after desks shortage
HSBC has rowed back on plans to quit Canary Wharf as a shortage of desks prompted the banking giant to sign up for a new lease in the ailing property district. The lender announced a 15-year deal for 210,000 sq ft in Canary Wharf on Friday, just weeks after chief executive Georges Elhedery ordered all managing directors to be in the office for at least four days a week from October. It marks an unexpected boost for Canary Wharf, as HSBC had previously confirmed plans to leave in favour of a new office in the City. The new office space will be located at 40 Bank Street in Canary Wharf, a short walk from its current headquarters in 8 Canada Square, a 45-floor skyscraper. Former HSBC chief Noel Quinn had previously said the bank was moving to reduce its office footprint and drive down costs. However, his successor's return to office mandate has led to a change in tack owing to a lack of desk space in its new City headquarters. The bank's new base near St Paul's Cathedral is about half the size of its Canary Wharf HQ, which it is set to leave in early 2027. HSBC has been based in Canary Wharf since 2002, where it boasts around 8,000 staff. Suzy White, chief operating officer of HSBC, said: 'Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital.' The new agreement marks a boost for the privately owned Canary Wharf Group, which has been battling to retain companies in the wake of the pandemic. Canary Wharf has suffered a string of high-profile exits in recent years, including ratings agency Moody's and the magic circle law firm Clifford Chance. However, this trend might finally be easing amid a shortage of high-quality office space in the Square Mile. Visa, the payments company, is considering moving its European headquarters to the area, while BBVA, the Spanish bank, has also recently signed a lease to take 250,000 sq ft in Canary Wharf. In a bid to turn around its fortunes and boost footfall in the evening, Canary Wharf Group has expanded the area's retail, leisure and hospitality offering. The group, which is co-owned by the Qatar Investment Authority and Canadian private equity firm Brookfield, has also increased the number of residential units and hotels in the area.
Yahoo
04-08-2025
- Business
- Yahoo
AI Companies Fueling San Francisco Comeback
Popular SOMA Office Building Signs Lease With Greenlite AI SAN FRANCISCO, August 04, 2025--(BUSINESS WIRE)--The ownership group of Millennium Play, LLC and 612 Howard Street, a six-story, commercial office building in San Francisco, is pleased to announce it has leased an entire floor to a financial services AI company. The deal was managed by top commercial real estate firm Newmark of San Francisco. Will Lawrence, Co-Founder and CEO of Greenlite AI said, "We needed office space that could handle our growth trajectory, and 612 Howard delivers exactly that. The building itself has a modern industrial yet clean aesthetic that aligns perfectly with our company culture -- sophisticated, collaborative, and accessible. The location puts us right in the heart of downtown, which is where the action is. San Francisco's comeback is real, and we're seeing it firsthand: this area is central and lively," he added. The building at 612 Howard was constructed in 1907 and has individual floor plates of approximately 10,000 sq feet each with their original massive redwood beams and all-hardwood floors. The fully renovated building is located between Second Street and New Montgomery, is only 2 blocks from Moscone Center, and offers easy access to Bart, Muni, CalTrain, and Highways 101 and 280. Space is available on flexible multi-year terms. Greenlite AI, which recently closed a $15 million Series A led by venture firm Greylock, is hiring aggressively in every department to support a waitlist of customers looking to automate and improve their financial compliance workflows. Lawrence added, "As an AI company building cutting-edge services for our customers, Greenlite wanted to be in an area that's attracting other forward-thinking companies. We love being steps away from Downtown First Thursdays on 2nd and Howard. The monthly event gathers a mix of local businesses, food, and community and is perfect for team building." About Greenlite AI Greenlite AI is the leading agentic AI platform for financial services. Regulated banks and fintechs — including those overseen by the OCC, FDIC, and SEC — trust Greenlite AI to automate mission-critical work like KYC, AML, and sanctions compliance. Greenlite AI's agents are defined by their adherence to federal banking guidelines, ensuring compliance with stringent model validation and AI governance standards. Founded in 2023 by Will Lawrence and Alex Jin, Greenlite AI is headquartered in San Francisco and built by a team with deep expertise in compliance, AI, and financial infrastructure. Learn more at About Newmark Newmark Group, Inc. (Nasdaq:NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Visit or follow@newmark. View source version on Contacts Sabrina Horn, Millennium Play/612 HowardC 415-999-8777sabrina@ orCharlie Withers, Angeline Serrano, Greenlite AIangeline@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-08-2025
- Business
- Yahoo
AI Companies Fueling San Francisco Comeback
Popular SOMA Office Building Signs Lease With Greenlite AI SAN FRANCISCO, August 04, 2025--(BUSINESS WIRE)--The ownership group of Millennium Play, LLC and 612 Howard Street, a six-story, commercial office building in San Francisco, is pleased to announce it has leased an entire floor to a financial services AI company. The deal was managed by top commercial real estate firm Newmark of San Francisco. Will Lawrence, Co-Founder and CEO of Greenlite AI said, "We needed office space that could handle our growth trajectory, and 612 Howard delivers exactly that. The building itself has a modern industrial yet clean aesthetic that aligns perfectly with our company culture -- sophisticated, collaborative, and accessible. The location puts us right in the heart of downtown, which is where the action is. San Francisco's comeback is real, and we're seeing it firsthand: this area is central and lively," he added. The building at 612 Howard was constructed in 1907 and has individual floor plates of approximately 10,000 sq feet each with their original massive redwood beams and all-hardwood floors. The fully renovated building is located between Second Street and New Montgomery, is only 2 blocks from Moscone Center, and offers easy access to Bart, Muni, CalTrain, and Highways 101 and 280. Space is available on flexible multi-year terms. Greenlite AI, which recently closed a $15 million Series A led by venture firm Greylock, is hiring aggressively in every department to support a waitlist of customers looking to automate and improve their financial compliance workflows. Lawrence added, "As an AI company building cutting-edge services for our customers, Greenlite wanted to be in an area that's attracting other forward-thinking companies. We love being steps away from Downtown First Thursdays on 2nd and Howard. The monthly event gathers a mix of local businesses, food, and community and is perfect for team building." About Greenlite AI Greenlite AI is the leading agentic AI platform for financial services. Regulated banks and fintechs — including those overseen by the OCC, FDIC, and SEC — trust Greenlite AI to automate mission-critical work like KYC, AML, and sanctions compliance. Greenlite AI's agents are defined by their adherence to federal banking guidelines, ensuring compliance with stringent model validation and AI governance standards. Founded in 2023 by Will Lawrence and Alex Jin, Greenlite AI is headquartered in San Francisco and built by a team with deep expertise in compliance, AI, and financial infrastructure. Learn more at About Newmark Newmark Group, Inc. (Nasdaq:NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Visit or follow@newmark. View source version on Contacts Sabrina Horn, Millennium Play/612 HowardC 415-999-8777sabrina@ orCharlie Withers, Angeline Serrano, Greenlite AIangeline@ Sign in to access your portfolio
