BlackRock is weighing a Canary Wharf skyscraper that HSBC is expected to vacate as a possible site for its London headquarters, according to reports citing people familiar with the matter. The asset manager has reportedly also inspected several other major office locations across the city in recent months.
Among the other properties BlackRock has reviewed are the Bishops Square development adjacent to Spitalfields Market in east London and the former Deutsche Bank offices at 75 London Wall. Sources say the company is targeting office space that can accommodate at least 600,000 square feet.
HSBC is set to leave the 45-storey Canary Wharf tower in 2027. Canary Wharf has experienced difficulty retaining tenants since the COVID-19 pandemic, but market observers note a rebound in activity as more companies, including JPMorgan, press employees to resume regular office attendance.
Requests for comment directed to BlackRock outside regular business hours went unanswered, and the report has not been independently verified by Reuters.
Background and scope of the search
BlackRock’s apparent search for a substantial London site appears to span a number of prime office assets across both the traditional City and developments in east London. The properties mentioned in the recent reporting represent distinct pockets of central London office stock: Canary Wharf, established as a financial district; Bishops Square, close to Spitalfields Market and more retail-oriented zones; and 75 London Wall, a former bank headquarters in the City.
Market context
The Canary Wharf complex endured tenant attrition in the years following the COVID-19 pandemic, a trend that affected many central business districts worldwide. Recent commentary suggests the area is seeing renewed demand as firms encourage a return to office-based work. The reported interest from a large asset manager in a landmark tower would be indicative of that improving occupancy dynamic, should a formal deal proceed.
Communications and verification
BlackRock did not immediately provide a comment when contacted outside normal business hours, and the reporting party indicated that the information came from people familiar with the discussions. Independent confirmation of the consideration has not been obtained.