Canary Wharf’s status as London’s financial centre has been dealt another blow after Moody’s announced plans to leave the district.
The ratings agency has appointed Cushman & Wakefield to advise on options for new office space in London.
Moody’s currently has around 1,200 staff working from 170,000 sq ft at the pyramid-topped One Canada Square, E14, which forms the heart of the estate. Its lease is due to expire in 2026, and the firm is looking to downsize to around 120,000 sq ft elsewhere.
However, people close to the discussions said it it could also downsize in its existing premises or move to another building in Canary Wharf.
The move comes just weeks after HSBC announced that it was leaving the financial district. Magic circle law firm Clifford Chance announced it was leaving the Docklands for the City of London last year.
Barclays has also put 500,000 sq ft at its Canary Wharf office on the market. And Credit Suisse is trying to let empty space at its Canary Wharf headquarters. Its top nine floors were already on the market before it was bought by UBS in March.
In May, Moody’s downgraded the debt of London’s Canary Wharf Group, which is owned by Qatar’s sovereign wealth fund and Brookfield Asset Management, from Ba1 to Ba3.
