HSBC's London office shortlist includes former Goldman Sachs headquarters

The shortlist has not yet been finalized and HSBC may also choose to stay at its existing HQ and carry out a refurbishment while remaining in occupation, sources said

By Ellie Harmsworth and Jack Sidders

HSBC Holdings Plc has been presented with a shortlist of possible alternatives to its Canary Wharf skyscraper, including the former Fleet Street home of Goldman Sachs Group Inc. 

The bank has been pitched a handful of developments that could provide it with about 500,000 square feet (46,452 square meters) of space and be ready for 2027 when its Docklands lease expires, people with knowledge of the plans said.

Options include the Evergo Tower, previously known as River Court when it was occupied by Goldman, the former home of the European Bank of Restructuring and Development at 175 Bishopsgate; BT Group Plc’s former headquarters by St Paul’s; and options at Wood Wharf, the new district being built next to Canary Wharf, the people said, asking not to be identified as the search is private.

 

The shortlist has not yet been finalized and HSBC may also choose to stay at its existing HQ and carry out a refurbishment while remaining in occupation, the people said. The relatively tight time frame for a potential move of this scale has effectively ruled out projects that have yet to obtain planning consent including several large planned towers in the City of London.

HSBC declined to comment. Bloomberg reported in February that HSBC was assessing spaces in the City of London or Canary Wharf. 

The Evergo Tower is owned by Joseph Lau’s Chinese Estates Holdings Ltd. and the project includes overhauling and extending the landmark building, including adding a series of roof terraces on the extended building, while preserving the historic lobby. The Malaysian owners of 175 Bishopsgate are also planning a major overhaul while Orion Capital Management is part way through its comprehensive refurbishment of the former BT office.

Representatives for Canary Wharf Group, Orion and the Evergo and 175 Bishopsgate developments declined to comment.

HSBC has been considering a new head office of between 400,000 and 600,000 square feet, a person familiar with the matter has said. HSBC has been reviewing its workplace needs at its Canary Wharf skyscraper once its current lease ends in 2027, as it looks to cut office space by 40% globally compared with pre-pandemic levels. 

The bank is looking to create the “best future location in London for our global headquarters” with a more flexible workspace as the bank adapts to the post-pandemic cityscape, according to a memo sent last year by the bank’s chief operating officer John Hinshaw. 

The lender moved into the 45-story 8 Canada Square in 2002 when it was completed by Canary Wharf Group. The building is now owned by Qatar’s sovereign wealth fund which bought it for about £1.1 billion ($1.2 billion) in 2014.