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State Street has agreed to buy a City of London office block, clearing the way for the asset manager to leave its current Brookfield-owned offices in Canary Wharf and setting up the latest departure from the Docklands financial district.
Listed landlord Helical and private investor Orion Capital Managers announced the sale of 100 New Bridge Street to an undisclosed buyer for £333mn on Friday, who they said would occupy the building themselves.
Several people with knowledge of the matter confirmed that State Street was the buyer. Helical, Orion and State Street declined to comment.
A move by the US asset manager would make it the latest major tenant to retreat from the Docklands financial district for the City, with other high-profile departures including HSBC and law firm Clifford Chance. Deutsche Bank is also reviewing its presence in Canary Wharf.
HSBC will move to a building near St Paul’s, which is also being redeveloped by Orion, by 2027. Clifford Chance is planning to move ahead of its lease expiry in 2028, taking space from landlord Great Portland Estates at Aldermanbury Square in the City.
State Street’s lease at 20 Churchill Place, a Canary Wharf block that Brookfield acquired in 2021, expires in 2028. Brookfield also co-owns Canary Wharf Group, the landlord and manager of the wider estate, with the Qatar Investment Authority.
State Street’s departure would mark the latest hit to Brookfield’s London office portfolio. Law firm Simmons & Simmons last month said it would move by 2030, vacating its space at Brookfield’s Citypoint tower.
Brookfield has struggled in its efforts to sell Citypoint, and asked lenders for a series of extensions to debt against the building.
The deal at 100 New Bridge Street is expected to close in April 2026 when Helical and Orion complete a full refurbishment of the block.
