Deutsche Bank AG plans to lease 350,000 square feet (32,500 square meters) of office space in London’s Canary Wharf financial district, according to two people with knowledge of the matter.
Workers will move to the building at 10 Upper Bank Street from several of the Frankfurt-based lenders offices in the capital, said the people, who asked not to be named because the deal isn’t completed.
“Deutsche Bank constantly reviews its location strategy to ensure that it provides flexible and cost-efficient workplaces,” the lender said in a statement. “We are reconfiguring and reducing our space in higher-cost locations in London, New York, Singapore and Hong Kong.”
The lender declined to comment on the Upper Bank Street plans.
Leasing costs in Canary Wharf are about 25 percent lower than in the City of London, where a shortage of space is causing rents to rise, according to broker Carter Jonas. Canary Wharf Group Plc, China Life Insurance Co. and Qatar Holding bought the building at 10 Upper Bank Street for 795 million pounds ($1.2 billion) last year.
Estates Gazette reported the planned leasing earlier Friday.