黑洞社区

Overbury has been lined up for a huge overhaul of Citi鈥檚 Canary Wharf headquarters in a deal which could end up being the firm鈥檚 biggest ever.

The US investment bank has given the job to overhaul its 42-storey office tower at 25 Canada Square, completed in 2001 to a design drawn up by C茅sar Pelli & Associates, an official value of 拢100m.

But 黑洞社区 understands the final price could be north of 拢300m and as much as 拢400m 鈥� making it Overbury鈥檚 biggest job in its 56 year history.

Overbury is preferred bidder for the job and is expected to sign a deal later this year ahead of work starting next. Architect on the scheme is Wilkinson Eyre.

Overbury鈥檚 parent Morgan Sindall, which will release bumper 2021 results next month, said fit-out work has boomed during the pandemic with the business having a record order book of 拢944m at the end of last September 鈥� a rise of 130% from the end of 2020.

Citi employs 9,000 people in London and its EMEA chief executive David Livingstone said: 鈥淥ur aim is to create an environmentally sustainable, innovative and exciting place to work, incorporating modern design, state-of-the-art technology and best practices in employee and client spaces.鈥�

The work has been planned ever since Citi bought the tower in 2019 for a reported 拢1bn but the scheme had been held up by the pandemic. Citi has told staff to come back to the office for three days a week and Livingstone added: 鈥淲e鈥檙e a business of energy and ideas and we thrive on bringing people together.鈥�

All of the bank鈥檚 London staff will relocate temporarily to the nearby 33 Canada Square and another building close by until the refurbishment is complete 鈥� which has officially been put at 2025.

The news is a further tonic for the finance sector which has seen swathes of Canary Wharf and the City turned into ghost towns by the pandemic with staff being forced to work from home.

Last September, ISG won a 拢100m deal to overhaul the headquarters of Barclays Bank also in Canary Wharf.

Earlier this month, new ISG chief executive Matt Blowers told 黑洞社区 turnover for fit-out in London last year was around 拢600m and that businesses were willing to spend large sums of money on upgrading offices.

鈥淎n office is a shop window into a business鈥檚 culture,鈥� he said. 鈥淭here is a massive war on talent not just in our sector but across the piece. People are investing significant money on getting their facilities in a great place to retain talent and attract the best.鈥�

Last week a survey carried out by EY found 87% of global financial services firms plan to establish or extend operations in the UK in 2022.