A&O to sub let Canary Wharf base as banking team moves to City

Allen & Overy (A&O) is relocating 200 staff from its Canary Wharf offices to its headquarters in the City in a cost-cutting move.

The firm will move the banking team and support staff to One Bishops Square and seek to sub let three floors in the Canary Wharf building.

It has engaged agents Knight Frank and Strutt & Parker to find occupants for the space at Canary Wharf and will retain the top floor of that building for client meetings.

The magic circle firm occupies 500,000 sq ft of its 850,000 sq ft City headquarters. Some of it is already sub let to other firms including Paul Hastings, but further space became available after its restructuring last year in which 247 staff were made redundant in London.

A spokesperson said: “Following a review of our facilities requirements, we’ll be relocating members of the London banking team and some support staff from Canary Wharf to Bishops Square. We’ll maintain meeting facilities in Canary Wharf so clients will experience no difference in the levels of service they receive from Allen & Overy.”

Last year A&O’s landlord Hammerson sold its 75 per cent interest in One Bishops Square to an Omani investor in a deal valuing the building at £445m (5 June 2009).