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Thirteen years ago, Lehman Brothers almost killed Canary Wharf. When the financial giant collapsed at the height of the financial crisis, it was a major blow to the area. The US bank, which had signed a 30-year lease for over a million square feet in a 33-storey tower, vacated the building on September 15, 2008 after filing for bankruptcy protection in New York.
At the macro level the impact was huge. The building’s owner – the Canary Wharf Group, which owns and develops most of the Canary Wharf Estate – was left massively out of pocket, finally receiving a $350 million settlement from Lehman’s liquidators in 2014. At the micro level the overnight loss of 4,000 big-money employees had an immediate impact on the local economy too. “The champagne bars closed down and were replaced by chain restaurants,” recalls Jon Massey, the editor of local lifestyle publication