(Bloomberg) -- HSBC Holdings Plc is planning to leave its Canary Wharf headquarters and relocate to the City of London, the latest sign of how a shift to flexible work is reshaping demand for offices.
The lender, which launched a review in September, said its preferred option is BT Group Plc’s former head office near St Paul’s, according to a memo seen by Bloomberg. The bank said it “will now now begin more detailed discussions on a potential lease, with the intention to move in late 2026.”
HSBC has been looking for alternatives to its Docklands skyscraper as it looks to a more flexible workspace and adapts to the post-pandemic cityscape, according to a memo sent last year by the bank’s chief operating officer John Hinshaw. The lease on its current address is due to expire in 2027.
Orion Capital Management, a private equity firm, is redeveloping the former BT headquarters on Newgate Street. The Times of London reported the move earlier.
The UK lender has resided in the 45-story 8 Canada Square property since 2002, when it was completed by Canary Wharf Group. The building is now owned by Qatar’s sovereign wealth fund, which bought it for about £1.1 billion ($1.4 billion) in 2014.
Read more: HSBC’s London Office Shortlist Includes Former Goldman Sachs HQ
--With assistance from Jack Sidders.
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