By Justin Cash

Of Financial News


Morgan Stanley will stay in its Canary Wharf office until at least 2038 in a major boost for the east London district.

Under pressure from a number of high-profile tenant departures, the docklands hub has secured the investment bank for another 14 years at 20 Bank Street, according to a statement from Canary Wharf Group, while it will also hold on to space at nearby 25 Cabot Square.

Morgan Stanley's chief operating officer for Europe, the Middle East and Africa Chris Beatty told the Financial Times, which first reported the decision: "Canary Wharf has been the location for our Emea headquarters for over 30 years and we're pleased to be extending that tenure."

Morgan Stanley's intention to stay in Canary Wharf was reported in March.

HSBC's planned exit from the wharf, announced last June, was a major blow for the financial district.

Ratings giant Moody's is swapping One Canada Square for 10 Gresham Street come 2026 when its lease expires. Deloitte has decided to take on more central London space, while law firms including Clifford Chance have increasingly looked to set up shop nearer key clients in hot sectors like private equity.

It hasn't all been one way traffic, however.

Barclays confirmed in December it was staying in its docklands' HQ for at least another 15 years. Audit watchdog The Financial Reporting Council is reportedly considering moving from its base in the City to either Canary Wharf or Stratford. If it picked the latter option it would join fellow regulator the Financial Conduct Authority in the north-east London district after the markets watchdog made the move in 2018.

Major fund managers Brookfield, chaired by former Bank of England governor Mark Carney, and the Qatar Investment Authority have injected millions into Canary Wharf, and received a boost in the March Budget when chancellor Jeremy Hunt announced further financing for new homes and science facilities.


Financial News is owned by News Corp, the parent company of The Wall Street Journal and Dow Jones Newswires.


Website: www.fnlondon.com


(END) Dow Jones Newswires

04-03-24 0443ET