Visa transfers European headquarters to Boost’s Canary Wharf for Docklands in negotiations
Visa is underway to move its European headquarters to London’s Canary Wharf and vote on confidence in the Docklands business district amid the recent wave of tenants’ departures.
According to people familiar with the matter, the global payment giant is preparing to take over approximately 170,000 square feet of space in a Canada Square – an iconic 50-storey tower previously occupied by credit rating agency Moody’s.
Moody announced last year that it will evacuate Canary Wharf when the lease expires in 2025 to support a new office near St. Paul’s Cathedral.
Visa’s potential move comes right before its current lease at 1 Sheldon Square in Paddington, which lasts until 2028 and will bring high-profile blue-chip occupants to the center of Canary Wharf as other major companies move.
If finalized, the deal will provide a much-needed boost to Canary Wharf Group, which has been actively repositioning the legacy to diversify tenants beyond traditional financial services.
Top residents, including HSBC, Interstate Street and Clifford Opportunities, are preparing to move its headquarters to the city of London, while Deutsche Bank is also reviewing its long-term presence in Dicklands County.
The vacancy rate in the Canary Pier Core Office market was nearly 18% in the second quarter of 2025, significantly higher than the Greater London average of 11%.
Canary Wharf and Square Mile are both investing in amenities and dining activities, from free bike maintenance and gyms to Michelin-starred restaurants, cinemas and wellness centers to attract new tenants and retain existing tenants.
Despite the challenges, Canary Wharf retains a critical financial foundation. Barclays and Morgan Stanley promised to stay in the area, while Citigroup and JPMorgan Chase both directly had their own towers. Citi confirms a major renovation of its UK headquarters in 2022.
The region has also seen new interest from fintech and technology-driven companies, including Zopa and Revolut, with both signing new leases recently.
Visa’s entry will mark a strategic victory for the Canary Wharf Group, jointly owned by Brookfield and the Qatar Investment Authority, and signal amid repositioning the estate as a comprehensive use hub for integrated commercial, leisure and residential.
Once considered as a holistic financial district, Canary Wharf underwent a major transformation. In recent years, it has added thousands of residential units, hotels and retail products and enhanced connectivity through the Elizabeth Line, which greatly cuts the journey to central London and Heathrow Airport.
A Canadian Plaza is the iconic tower at the heart of the development and now has a convergence of financial institutions, startups, co-working spaces, and educational tenants such as University College London. Asset manager Brookfield is also located in the building.
If the transaction is confirmed, the visa will become one of the most outstanding occupants of the building, thus enhancing the appeal of Canary Wharf to global companies seeking modern spaces and long-term flexibility.
Visa, Moody’s and Canary Wharf Group all declined to comment on the ongoing discussions.
