Moody’s decamps from Canary Wharf to Square Mile

Credit ratings agency Moody’s has agreed to take 110,862 sq ft at CBRE Investment Management’s 10 Gresham Street, EC2, with an option on an extra 32,403 sq ft. The agency is moving from Canary Wharf, where it has 170,000 sq ft at One Canada Square, E14. Cushman & Wakefied has been advising on the potential move out of the area since summer 2023. Moody’s new HQ at the Foster + Partners-designed 10 Gresham Street has been entirely reworked by architects Gensler to deliver a high-performance office environment with a focus on sustainable resource use. The 145,000 sq ft office refurbishment will introduce a 2,576 sq ft private roof terrace, with a further 2,570 sq ft communal roof terrace featuring an eight-storey glazed atrium and a 1,750 sq ft communal indoor rooftop pavilion. Moody’s managing director of real estate & workplace strategy, Doug Ryker, said: “Our move to 10 Gresham Street reflects our ongoing commitment to investing in our people and delivering a world-class employee experience. We look forward to creating a new, modern office environment that helps us foster meaningful connections, collaboration and innovation.” Matthew Barratt, director and office asset manager at CBRE IM, said: “In 10 Gresham Street, Moody’s has found a highly sustainable new base for its valued employees – one that combines innovative architectural design with high-quality amenities and exceptional environmental credentials in a prime City of London location. “In line with CBRE IM’s strategic commitment to investing in sustainable real estate, the renovation will transform this iconic London building into a high-performance, super-prime workspace focused on employee health and wellbeing, in keeping with the needs and expectations of modern workers.” Moody’s exit from Canary Wharf is the latest in a flurry of moves from the estate to the City over recent years. In late 2022, law firm Clifford Chance agreed to leave its 1m sq ft offices at 10 Upper Bank Street, E14, to 320,000 sq ft in GPE’s 2 Aldermanbury Square, EC2. It followed US contemporary Skadden, Arps, Slate, Meagher & Flom, which left its 90,000 sq ft office at 40 Bank Street, E14, for around 65,000 sq ft in 22 Bishopsgate, EC2. Other recent departures include HSBC, which swapped its 1m sq ft HQ in the Qatar Investment Authority’s 8 Canada Square, E14, for an 800,000 sq ft redevelopment of the former BT head office at 81 Newgate Street, EC1, last year. However, a number of big-name tenants have also opted to stay in Canary Wharf, including Barclays, which extended its lease by a further five years on its 1m sq ft HQ at 1 Churchill Place, E14, and Morgan Stanley, which agreed a new lease on its 547,000 sq ft at 20 Bank Street, E14, earlier this year. Knight Frank advised CBRE IM on the Moody’s deal. Image from CBRE