HSBC is set to take over 11 extra floors at Canary Wharf’s 40 Bank Street as its new St Paul’s headquarters faces a space squeeze.

The bank has signed a 15-year lease for 210,000 sq ft in the 30-storey tower, designed by César Pelli & Associates and completed in 2003. Current tenants include Savannah Energy, Saxo Capital, and Herbert Smith Freehills. HSBC is scheduled to move in by 2027, around the same time it opens its new St Paul’s base – a Mace-built project now being fitted out by Overbury.

The move is welcome news for Canary Wharf Group, which has been hit by several big-name departures. Clifford Chance, for example, is set to relocate to Great Portland Estates’ 2 Aldermanbury Square in 2028.

Shobi Khan, CEO of Canary Wharf Group, said the deal shows the enduring appeal of the estate’s “mixed-use neighbourhood where commerce, community and culture thrive.”

HSBC is leaving its long-time home at 8 Canada Square in 2027. Last year, architect KPF won the competition to reimagine the 45-storey building, originally designed by Foster + Partners and completed in 2002.

Suzy White, HSBC’s COO, said maintaining a presence in Canary Wharf is “a key element of our business continuity strategy” and will keep the bank accessible to clients across London.

Meanwhile, several major refurbishments are underway in the area. Overbury is delivering a £1bn overhaul of Citigroup’s 42-storey tower at 25 Canada Square, making it the company’s largest-ever project.

Next up could be Morgan Stanley’s 20 Bank Street offices. The bank is preparing to launch a tender for a £350m revamp of the 14-storey SOM-designed building, completed in 2003. Overbury, Structure Tone, and Mace are all expected to bid for the work. Photo by David Jones from Isle of Wight, United Kingdom, Wikimedia commons.