Oaktree Capital Management, the global investment firm, and Quadrant, the independent UK real estate asset management and development company, have let five floors at YY London at Canary Wharf to Deutsche Bank.
The German bank has signed a 15-year lease taking around 150,000 square foot across floors one to five at the 415,000-square-foot refurbished building. Deutsche Bank will house its infrastructure functions including technology and operations at YY London, ahead of the expiry of its lease at 10 Upper Bank Street in July 2028. Its London headquarters is at 21 Moorfields in Moorgate.
The deal follows the recent signing of a separate agreement with an undisclosed international business that has leased the eighth floor of YY London. CoStar News understands the tenant is global rail solutions provider Hitachi Retail.
YY London is now 85% let or under offer, with around 60,000 square foot remaining across floors 6 and 7. CoStar News revealed in 2023 that Revolut, the challenger bank, was to take around 113,000 square feet to anchor the building.
Vathany Vijayaratna, Deutsche Bank’s CEO for the UK and Ireland, said in a statement: “This move underlines our commitment to London. YY London’s sustainability performance, employee experience and ability to support modern ways of working made it the clear choice as we plan for the years ahead.”
Stuart Keith, managing director of Oaktree’s Real Estate Opportunities Strategy, said: "This letting is a testament to what we set out to create at 30 South Colonnade: a distinctive, net-zero-in-operation building with a waterfront setting and amenities designed around how modern office occupiers want to work. Deutsche Bank's commitment to YY London reflects both the quality of the building and the enduring appeal of Canary Wharf as a global business destination."
Jeremy Lacey, Development Director at Quadrant, said: “YY London is a shining example of high-quality, sustainable, connected workspace that supports the way major modern businesses work. Deutsche Bank wanted a workplace that reflected its commitment to sustainability, employee wellbeing and attracting the very best talent, and we are pleased to welcome them to the building.”
Formerly known as 30 South Colonnade and first completed in 1991, the YY building was previously home to Thomson Reuters and was known for the stock ticker that ran around its curved façade. Quadrant said that following its refurbishment, YY London’s design prioritises productivity, health, and sustainability.
It is an all-electric BREEAM Outstanding net zero in operation building and is one of the UK's first NABERS 5* rated workspaces. YY London’s retrofit saw much of the building’s existing structure being reused, saving an estimated 10,260 tonnes of CO2 emissions, Quadrant said.
YY London was purchased in 2019 by a joint venture between Quadrant and funds managed by Oaktree Capital Management.
Knight Frank and CBRE are leasing agents at YY.