Online money transfer business extends HQ at ‘iconic’ Shoreditch Tea Building

An online money transfer firm has expanded its occupation of an ‘iconic’ former tea factory in East London.

Property specialist Derwent London has announced that TransferWise has agreed to extend and expand its occupation at the Tea Building in Shoreditch.

Once occupied by the Lipton Tea factory, the Tea Building was originally a block of early twentieth century warehouses, which have been refurbished to provide a number of open spaces for businesses.

TransferWise currently occupies 31,700 sq ft on a lease due to expire in December 2023 with a tenant break in May 2021, and has committed to a new five-year lease on 48,950 sq ft - an increase of 54 per cent.

Darren Graver, office expansions lead at TransferWise, commented: “TransferWise is continuing to grow, and making sure we have the right space for our people is crucial for our future plans.

As many people mix working from home, the office, and remotely, we know just how important flexibility is to our team. Following internal workplace surveys and focus groups, we learned that our people wanted a hybrid working model that caters to that as well as it can.

“By expanding our office space, and offering more flexibility for our teams to work however and wherever suits them best, we can ensure we’re equipped for the future of work.”

Paul Williams, chief executive of Derwent London, added: “We pride ourselves in our long-term customer relationships and are delighted that we have been able to accommodate TransferWise in their extraordinary business development.

The Tea Building has also had a remarkable journey from a spartan warehouse to a thriving Shoreditch hub, and one that continues with the recently remodelled entrances and our ongoing Green Tea environmental initiatives.“