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03 October 2023

Citi to vacate 150,000 sq ft space at Canary Wharf

By Agencies


Citigroup Inc is looking to offload 150,000 square feet of surplus space in its 42-storey 25 Canada Square skyscraper in London's Canary Wharf financial district, Knight Frank and Cushman Wakefield said.

In statement on Friday the property services firms said they have been appointed to find new tenants for the space and a quoting rent will be set when the space is formally brought to market. According to average industry estimates, financial sector companies allocate 100 square feet to each employee.

The US bank, which employs 11,000 people in London, said last month it would cut 4,200 jobs worldwide in the wake of the credit crunch but it is not clear whether the decision to release the surplus space, some of which has never been occupied, is directly related to the pending redundancies.

A source familiar with the situation told Reuters last month the bank was looking to lay off up to 400 people in London, mostly in its fixed income team. (Reuters)