A fintech firm has become the latest office occupier to leave Canary Wharf for the City, as it moves in with its parent group at a Square Mile scheme.
Paysafe-owned Skrill, which runs a digital wallet app that lets customers store money and make transactions, has signed a deal to occupy 15,738 sq ft in St Martins Management Corporation’s 2 Gresham Street, EC2, on a 10-year lease. Guide rents for the building are in the upper £60s per sq ft.
The deal will see Skrill move in alongside Paysafe, which took 19,865 sq ft on the first floor of the building in 2022 on a 10-year lease at £65 per sq ft. Combined, the companies will now occupy more than 35,000 sq ft in the grade-A office building.
Skrill is moving to the City from from Canary Wharf, where it has occupied 12,586 sq ft on level 27 of 25 Canada Square, E1. Skrill signed a 10-year lease in 2015 for the space at a rent of £35 per sq ft, according to EG Radius data.
In its most recent results filed at Companies House for the year ended 31 December 2022, Skrill posted a profit after tax of €45.8m (£39.2), down from €50.9m in 2021. The company said this would not affect its going concern status but acknowledged risks and uncertainties including economic downturn, fluctuations in currency exchange rates and transactional risks, security and data protection and fraud.
JLL acted for St Martins Management Corporation.
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