Citi London Office Renovation Budget Now Hits $1.5 Billion

Citigroup will spend $1.5 billion on the Citi London office renovation, upgrading its 42-storey tower at 25 Canada Square in one of the capital’s largest post-pandemic refurbishments. 

The cost of the project has soared from early estimates of $135 million to more than ten times that figure, as the U.S. bank expanded the scope of the works to include additional space and modern amenities. 

The final sum is nearing the $1.6 billion Citi paid for the building in 2019.

“This significant investment, which I am pleased to say is progressing on schedule and within budget, underscores Citi’s deep roots and future ambitions in the UK,” said David Livingstone, Citi’s chief client officer. 

“As our second-largest market and a critical financial hub, the UK holds strategic importance to how we serve our clients globally.”

Construction began in early 2022 and is expected to be completed next year. Workers are due to begin moving into the revamped building from spring 2026.

The Citi London office renovation includes redesigned “multi-level villages” to better connect teams, alongside new garden spaces and upgraded energy and water systems. 

The overhaul is also intended to draw employees back into the workplace, as businesses across the City continue adapting to post-pandemic working patterns.

RELATED: How 381-Metre Empire State Building Was Built in 410 Days

Under CEO Jane Fraser, Citi has maintained a hybrid work model, allowing staff to work remotely up to two days per week – a policy that sets it apart from stricter return-to-office mandates elsewhere on Wall Street.

Edward Skyler, Head of Enterprise Services and Public Affairs, said the refurbishment was an investment in people as much as infrastructure. 

“It’s a statement to our thousands of colleagues that they deserve best-in-class workspaces and to our communities that they deserve our lasting commitment,” he said.

Citi employs 14,000 people in the UK – including 10,000 in London – and estimates that around two-thirds of the project’s total spending will benefit local firms and workers.

“This focus on local sourcing has brought in many small and medium-sized enterprises and specialised manufacturers from across the country,” the bank said in a statement.

Citi’s substantial investment offers a vote of confidence in Canary Wharf’s future as a global financial hub, reinforced by JPMorgan Chase’s planned 3-million-square-foot headquarters, London’s largest office building.

Join 15,000+ pros getting our weekly digest of news and insights.