In a powerful endorsement of London's future as a global business hub, professional services giant EY has cemented its long-term presence in the city. The Big Four firm has signed a substantial new lease agreement, securing its headquarters at the More London development for another sixteen years.
A Landmark Deal for the Capital
The agreement ensures that EY will continue to occupy its prominent riverside building at 1 More London Place until at least the year 2040. This move represents a major commitment from one of the world's largest professional services networks, directly countering narratives of a corporate exodus from the city.
The deal was struck with the site's landlord, the St Martins Property Group, a subsidiary of the Kuwaiti sovereign wealth fund. It extends EY's existing occupation, which began when the firm moved into the building back in 2006. The iconic Foster + Partners-designed structure has since become synonymous with EY's UK operations.
Details of the Commitment
While the precise financial terms of the lease remain confidential, the commitment is undeniably significant. The building provides EY with approximately 350,000 square feet of premium office space, housing thousands of its UK staff. The decision follows a period of uncertainty during the pandemic about future office needs but concludes with a firm reaffirmation of the central office's role.
Hywel Ball, EY's UK Chair, explicitly linked the decision to confidence in London's enduring status. He stated the renewed lease "underlines our commitment to our people, our clients and to London" and serves as a "show of confidence in London as a leading global financial and professional services centre."
This sentiment was echoed by St Martins, whose Chief Executive, Nick Shattock, highlighted the importance of retaining a "global firm of EY's stature" as a cornerstone tenant in the thriving More London precinct, which also neighbours City Hall.
Implications for London's Property Market
EY's long-term pledge is being viewed as a bellwether for the London commercial property sector. At a time when hybrid working models have led some businesses to reduce their office footprint, a commitment of this scale and duration from a major employer sends a strong positive signal.
The deal suggests that top-tier firms continue to value high-quality, centralised office space that fosters collaboration, client meetings, and company culture. It provides stability for the South Bank area and reinforces London's appeal to international businesses and investors.
Ultimately, EY's decision to double down on its London headquarters is more than a simple real estate transaction. It is a strategic bet on the city's future and a clear indication that, for the world's leading professional services firms, a premier London address remains a non-negotiable asset for decades to come.
