Visa is in advanced talks to relocate its European headquarters to London’s Canary Wharf, in a vote of confidence for the Docklands business district following a wave of recent tenant departures.
According to people familiar with the matter, the global payments giant is preparing to take over approximately 170,000 sq ft of space at One Canada Square — the iconic 50-storey tower previously occupied by credit ratings agency Moody’s.
Moody’s announced last year that it would vacate Canary Wharf in favour of a new office near St Paul’s Cathedral when its lease expires in 2025.
Visa’s potential move comes ahead of the expiry of its current lease at 1 Sheldon Square in Paddington, which runs until 2028, and would bring a high-profile, blue-chip occupier into the heart of Canary Wharf at a time when other major firms are relocating.
If finalised, the deal would deliver a much-needed boost to Canary Wharf Group, which has been actively repositioning the estate to diversify beyond traditional financial services tenants.
Top-tier occupants including HSBC, State Street and Clifford Chance are preparing to move their head offices to the City of London, while Deutsche Bank is also reportedly reviewing its long-term presence in the Docklands.
According to data from CoStar Group, vacancy rates in the Canary Wharf core office market stood at nearly 18% in Q2 2025 — significantly higher than the 11% average across Greater London.
Both Canary Wharf and the Square Mile have been investing heavily in amenities and placemaking, introducing everything from free bike maintenance and gyms to Michelin-starred restaurants, cinemas and wellness centres, in a bid to attract new tenants and retain existing ones.
Despite challenges, Canary Wharf has retained key financial anchors. Barclays and Morgan Stanley have committed to staying in the area, while Citigroup and JPMorgan Chase each own their towers outright. Citi confirmed a major refurbishment of its UK HQ in 2022.
The area is also seeing renewed interest from fintech and tech-driven firms, including Zopa and Revolut, both of which have signed new leases recently.
Visa’s entry would mark a strategic win for Canary Wharf Group, jointly owned by Brookfield and the Qatar Investment Authority, and signal renewed momentum in repositioning the estate as a mixed-use hub of business, leisure and residential.
Once seen as a monolithic financial district, Canary Wharf has undergone a significant transformation. In recent years, it has added thousands of residential units, hotels, and retail offerings, supported by enhanced connectivity via the Elizabeth line, which has dramatically cut journey times into central London and Heathrow.
One Canada Square, the iconic tower at the heart of the development, now hosts a blend of financial institutions, start-ups, co-working spaces, and educational tenants such as University College London. Asset manager Brookfield is also based in the building.
Should the deal be confirmed, Visa would become one of the most prominent occupiers in the building, reinforcing Canary Wharf’s appeal to global corporates seeking modern space and long-term flexibility.
Visa, Moody’s, and Canary Wharf Group all declined to comment on the ongoing discussions.
