Jane Street, a New York-based quant trading firm, is in discussions to significantly expand its London office space, seeking to increase its footprint to between 400,000 and 500,000 square feet. This expansion would nearly double its current 235,000 square feet at 2½ Devonshire Square, where it previously expanded in 2022 to occupy the entire building. The firm's explosive growth, particularly during the Covid-19 pandemic, has seen its revenues surge, with net trading revenues of $8.4 billion in the first half of last year, putting it on par with major Wall Street banks. This move reflects its confidence in the European trading operations and its growing employee headcount of over 2,600 across global offices.
The potential expansion in London is part of a broader growth trend for Jane Street, which also agreed to a new long-term lease in New York for approximately 1 million square feet at Brookfield Properties’ 250 Vesey Street, representing a 400,000 square foot expansion. A 500,000 square foot London office would be comparable in size to HSBC's new global headquarters at St Paul's, which is around 550,000 square feet. Jane Street's expansion in London would involve a substantial financial commitment, with rent in the City of London district averaging $138.92 per square foot at the end of last year.
Jane Street is reportedly considering several options for its new London headquarters, including JPMorgan Chase’s 10 Bishops Square, the Dovetail Building (a new 23-story tower with roughly 465,000 square feet), and the former Deutsche Bank headquarters on London Wall. The firm is reportedly in talks for a 450,000 square foot lease at 10 Bishops Square, with an option for further expansion, with completion expected in 2030. This move is significant given the tightening London office market, where hedge funds and electronic traders are competing for limited high-grade space. CBRE is advising Jane Street on this deal.
