Europe’s development bank to remain in London, despite Brexit woes

The European Bank for Reconstruction and Development will move to Canary Wharf instead of leaving the U.K.

National /
May.May 11, 2019 02:00 PM

London (Credit: iStock)

Despite the uncertainty of Brexit, a major European bank is bucking the trend of other finance corporations and staying put in London.

The European Bank for Reconstruction and Development will lease 365,000 square feet in a new office building in the Canary Wharf area of London, deciding against leaving the United Kingdom for other European cities, according to the Financial Times.

The bank is moving from the historic financial district, City of London, to the new Canary Wharf development owned by Brookfield Property Partners and Qatar’s sovereign wealth fund. The development bank will move 2,500 employees into 13 floors within its new office building in 2022, the Times reported. The length of the lease was not disclosed.

The lease is a win for Canary Wharf and the U.K., which has seen an exodus of its banking institutions to other cities in the wake of the nation’s struggles to exit the European Union. In fact, another Canary Wharf tenant, the European Medicines Agency, is seeking court approval to terminate its lease as it seeks to leave due to Brexit, the Financial Times reports.

Britain’s efforts to leave the EU have been a boon to cities like Frankfurt, where as many as 25 banks are expected to decamp from London to the German city. In Dublin and Amsterdam, home prices in the city center are skyrocketing, due to the number of financiers who are following the flow of jobs from London. [FT] – Joe Ward


Related Articles

arrow_forward_ios
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
Amazon's Jeff Bezos, Google's Sundar Pichai and Facebook's Mark Zuckerberg (Getty, iStock)

Tech giants occupy nearly 600M-sf of US real estate

Tech giants occupy nearly 600M-sf of US real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...