Barclays buys its Canary Wharf headquarters in £750m deal
Barclays has reinforced its commitment to the financial heart of London and the future of office work by acquiring its Canary Wharf global headquarters in a £750 million deal.
The banking giant has secured a long-term lease for the One Churchill Place tower from Canary Wharf Group (CWG).
This iconic 32-story building has served as Barclays’ global headquarters since 2005.
The strategic acquisition provides long-term cost certainty by enabling Barclays to maintain control of the office space well beyond the expiration of its current lease in 2039.
The £750 million valuation includes a 999-year leasehold interest, which is a common form of extended tenure agreement.
The move also highlights Barclays’ ongoing investment in the tower, including the development of flexible workspaces designed to adapt to evolving working patterns, and underlines its belief in a physical office presence.
Barclays group chairman CS Venkatakrishnan said: “This acquisition gives us long-term certainty, greater flexibility in our London footprint and strengthens our confidence in London as one of the world’s leading global financial centres.”
Shobi Khan, CWG’s chief executive, said the decision was “a strong boost for both Canary Wharf and London”.
“This underlines the long-term confidence that leading businesses continue to place in the region as a location where they can invest, grow and bring people together,” he said.
The news comes as 20,000 British employees at Barclays will receive a pay rise of more than 5 per cent after a deal was reached with union Unite.
It is understood the deal, which includes a 5.35 per cent pay rise, will benefit people in ranks below the vice-president position in the UK, including head office and branches, but not those working at the investment bank.
A spokesman for Barclays said: “We are pleased to have reached agreement with Unite on our new pay offer, following constructive discussions with the union and the approval of its members.
“The pay agreement reflects our continued focus on supporting our fair pay agenda, ensuring colleagues are recognized in a way that is fair, competitive and sustainable for the organisation.”
The average total salary for Barclays UK employees was £60,603 in 2025.
Last year, global investment banking giant JP Morgan Chase announced plans to build a new three-million-square-foot tower in London’s Canary Wharf that will house 12,000 employees.
The company’s chief executive said the office “will represent our enduring commitment to the City, the UK, our customers and our people”.
Meanwhile, HSBC plans to move out of its Canary Wharf tower by 2027 when its current lease expires and move its global headquarters to St Paul’s in London.
But it has reversed plans to leave Canary Wharf altogether by signing a new 15-year lease for a smaller office in the financial centre.
