YY London

Off-market acquisition in partnership with Oaktree Capital of the iconic former Thomson Reuters building, a first-generation Canary Wharf building.

YY London is an innovative transformation project, prioritising occupant wellbeing and delivering outstanding sustainability outcomes.

The redevelopment reduced energy demand by 62% and avoided an estimated 10,260 tonnes of CO₂e by retaining and refurbishing the existing structure rather than demolishing it.

Development Initiatives

Key moves involved extending the entrance lobby to the south, removing the existing slab and inserting a new feature staircase to create a new triple-height lobby. The new building gestures outwards, with more space for retail, restaurants and bars to enliven the public realm.

The cores were repositioned and additional floors secured following successful negotiations with Canary Wharf Group.

A fully re-clad façade has transformed the building’s appearance and performance, maximising natural light and strengthening the connection between occupants and the external environment. The redesign has created terraces on every floor, offering flexible outdoor amenity spaces that support wellbeing and collaboration. The incorporation of high-performance glazing and solar control coatings has enhanced the building’s environmental performance by reducing air permeability and significantly cutting energy consumption.

The building is all-electric, with rooftop photovoltaic panels and an air-source heat pump that provides heating, with waste heat redirected. New CO2-controlled ventilation, energy monitoring and cloud-based analytics enable systems to be optimised in operation to minimise energy consumption and carbon emissions.

This landmark repositioning project embraces the ‘hotelification’ of offices, with a focus on wellbeing and community, and is designed to cater for the ever-evolving occupational requirements of global investment-grade tenants.

What We Did

• Originated the off-market opportunity.
• Negotiated the acquisition.
• Secured favourable senior debt financing.
• Assembled a first-class professional team and appointed a tier-one main contractor following an early-works soft-strip and enabling works package, subsequently novated into the main contract.
• Secured planning consent to comprehensively reposition and extend the building from 300,000 sq ft to 415,000 sq ft, creating a market-leading office building with enhanced floorplates and external roof terraces on every floor, together with a rooftop pavilion amenity space and  landscaped rooftop terrace of c.7,500 sq ft..
• Negotiated the early surrender of the lease for the entire building, including a premium payment from the tenant to secure vacant possession.
• Completed asset protection negotiations with the DLR.
• Delivered a best-in-class Grade A development in arguably the best office location in Canary Wharf.
• Achieved a BREEAM Outstanding rating and is WELL Platinum-enabled, with Platinum WiredScore and SmartScore ratings.
• Won the 2024 GRI Reconversion Project of the Year Award.
• Managed the leasing strategy and secured investment-grade tenants including Deutsche Bank, Revolut, Hitachi, Big Mamma Group, Brother Marcus and Hagen, achieving rents significantly above the original acquisition underwriting assumptions, driving rental tone across the wider estate and establishing the reversionary nature of the investment.
• Learn more about the sustainability of this project with our dedicated YY London Sustainability case study.