Moody’s Corp. has begun to search for a new London headquarters, the latest major Canary Wharf tenant to consider quitting the financial district.
(Bloomberg) — Moody’s Corp. has begun to search for a new London headquarters, the latest major Canary Wharf tenant to consider quitting the financial district.
The ratings agency has appointed broker Cushman & Wakefield Plc to advise on options for a new premises that would likely be almost a third smaller than its current base, people with knowledge of the process said. Moody’s will examine options elsewhere in London, but could also downsize in its existing premises at One Canada Square or move to another building in Canary Wharf the people added, asking not to be identified as the process is private.
A representative for Moody’s declined to comment.
Read More: Property Pain From Canary Wharf to Mainhattan Is Only Beginning
Canary Wharf has been hit by key tenant departures that have raised questions about its future, with HSBC Holdings Plc being the latest to confirm it was leaving. The district’s owners, Qatar Investment Authority and Brookfield Corp. have been gradually repositioning the development, introducing new homes, stores and restaurants and diversifying its tenant base.
Moody’s signed a lease in 2008 for about 170,000 square feet (15,800 square meters) at One Canada Square — the pyramid topped skyscraper at the heart of the east London estate. With the contract set to expire in 2026, the company is now looking for about 120,000 square feet in a new premises, reflecting the impact of more hybrid working, the people said.
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