Morgan Stanley sticks with Canary Wharf

Morgan Stanley has re-signed a lease for its office in Canary Wharf, ending a four-year analysis of its real estate needs in a vote of confidence for the Docklands estate. The US investment bank occupies 547,000 sq ft at 20 Bank Street, E14, for its EMEA headquarters. The new lease will run until 2038 and includes an investment to improve the building’s sustainability performance. The firm reportedly started its search for up to 600,000 sq ft of new London office space in 2020 as part of a stay-versus-go analysis. “Canary Wharf has been the location for our EMEA headquarters for over 30 years and we are pleased to be extending that tenure” said Chris Beatty, EMEA chief operating officer at Morgan Stanley. “The Wharf is a great place to work and we are looking forward to witnessing the next stages of Canary Wharf’s evolution first hand.” Shobi Khan, chief executive at Canary Wharf Group, said: “Occupiers increasingly value Canary Wharf’s vibrant mixed-use neighbourhood for its excellent transport links, diverse leisure and amenities, including access to 5km of water boardwalks and 16.5 acres of parks. In addition, with over 300 shops and 70 cafes, bars and restaurants, there is a plethora of diverse retail and dining options.” He added: “Morgan Stanley will continue to benefit from CWG’s partnership with the Eden Project, greening the estate and transforming the Middle Dock, opening up the water and providing greenery for everyone to enjoy.” The news comes after long-time tenant HSBC decided to swap Canary Wharf for the City in June 2023, despite market sources saying that the bank was offered highly competitive rent-free incentives to stay. It has occupied around 1m sq ft in the Qatar Investment Authority’s 8 Canada Square, E14, for the past two decades, but has now signed for a new HQ in the City at the Panorama building in St Paul’s, EC1. Morgan Stanley joins Citibank and Barclays in deciding to stay in Canary Wharf. Barclays extended the lease on its 1m sq ft UK headquarters at 1 Churchill Place, E14, by five years to 2039, while Citi is refurbishing its own 42-storey tower. View top and average rents in Canary Wharf >>