Deutsche eyes 500,000 sq ft Docklands relocation

2nd March 2017

Deutsche Bank is in talks to relocate staff based in the City of London to a new 500,000 sq ft headquarters building in London’s Docklands, CoStar News can reveal.The German bank has initiated early stage discussions with landlord Canary Wharf Group over the potential move to the developer’s 2.4m sq ft North Quay scheme where Deutsche could take around 500,000 sq ft. The move is designed to coincide with 2023 lease expiries across two of its offices in the City. Deutsche is the main tenant in Winchester House, 1 Great Winchester Street, EC2, where it occupies 192,000 sq ft on a lease which expires in 2023. A lease re-gear at another of its City offices, 1 Appold Street, gave the bank another 2023 lease event. DB also occupies space in 99 Bishopsgate. If a deal at North Quay materialises, the office will be in addition to the 388,000 sq ft Docklands office at 10 Upper Bank Street, which Deutsche opened in December. The bank pre-let the space from law firm Clifford Chance, occupying podium floors of around 50,000 sq ft. Canary Wharf Group is targeting completion at North Quay for 2024. The 7.3-acre site comprises a mixture of office buildings with flexible floor plates as well as tall resi towers. Much of the staff from 6-8 Bishopsgate moved to the Clifford Chance space, where the bank occupied around 147,000 sq ft. The deal at Upper Bank Street ended an on-off requirement to relocate from 6-8 Bishopsgate which had been more than five years in the making. Deutsche Bank has long been considering exiting its lease at 6-8 Bishopsgate, which Mitsubishi Estate Company bought for £95m in 2011 with a view to redeveloping it along with 150 Bishopsgate into a major tower scheme. In 2012, Deutsche shortlisted 25 Churchill Place in Canary Wharf, E14; the Heron Tower, EC2; The Shard, SE1; and Cannon Place, EC4, for a relocation of the 6-8 Bishopsgate staff. The requirement was later shelved but three years later has been reactivated with two notable differences: an increase in the amount of space required from 150,000 sq ft to 400,000 sq ft, and the willingness to consider locations outside of London. JLL is advising Deutsche Bank. GM Real Estate, CBRE and JLL are the leasing agents on North Quay. All parties declined to comment.