In a significant boost for London's Docklands, Deutsche Bank has agreed to take approximately 250,000 square feet of office space in Canary Wharf's YY building, according to a report by the Financial Times.
A Landmark Letting for Canary Wharf
The deal represents one of the largest lettings in the Docklands this year and marks a pivotal shift for the German bank's London footprint. Deutsche Bank will occupy around twice as much space in the South Colonnade tower as fintech giant Revolut, which moved into the top floors earlier this year and has its logo prominently displayed on the building's exterior.
Sources indicate that a tenant of Deutsche Bank's scale would be entitled to claim signage on one side of the tower. The bank's main UK headquarters is in Moorgate, but it has maintained a Canary Wharf presence since 2016, currently sharing space with law firm Clifford Chance at 10 Upper Bank Street.
That lease expires in 2028, coinciding with Clifford Chance's planned return to the City of London. This prompted Deutsche Bank to evaluate its options, ultimately leading to the decision to secure a substantial new base in the refurbished YY building. Both the bank and the building's owners, Oaktree and Quadrant, declined to comment on the transaction.
Signs of a Docklands Revival
This major lease comes at a crucial time for Canary Wharf, which is showing clear signs of recovery after a period of declining valuations and pandemic-driven uncertainty. The area was hit by rising interest rates, remote working trends, and high-profile departures like HSBC's planned headquarters move to the City.
However, momentum is now building. Just yesterday, Visa announced it will relocate its European HQ to One Canada Square on a 15-year lease, taking 300,000 sq ft from 2028. Furthermore, JPMorgan has unveiled ambitious plans to develop a new 3 million sq ft tower on its own Wharf site, a project it says will inject nearly £10bn into the local economy.
Letting activity is accelerating. Canary Wharf Group (CWG) has already secured over 450,000 sq ft of leases in 2025, putting it on track to surpass last year's total of 700,000 sq ft. Property valuations are also stabilising; a £2bn portion of CWG's portfolio appreciated by 0.6% between March and June this year.
Diversification and Long-Term Commitment
The revival is supported by steady commitments from long-standing tenants including Barclays, Morgan Stanley, Citi, and JPMorgan. The YY building itself, formerly Thomson Reuters' European HQ, has been transformed by a major refurbishment since its 2019 acquisition, adding amenities like a rooftop terrace and the Barbarella Italian restaurant to attract new occupiers.
CWG is also broadening its estate beyond traditional offices, having recently secured planning permission for a 46-storey student housing block in nearby Wood Wharf. Even HSBC, while shifting its global headquarters, is expected to retain some presence in the Docklands rather than leaving completely.
This cluster of major deals suggests a renewed confidence in Canary Wharf's future as a premier business district, blending established finance with growing tech and professional services sectors.
