8 Canada Square (commonly referred to as the HSBC Tower, or the “Tower of Doom” by some HSBC employees)[2] is a 45 floor skyscraper in
Canary Wharf, London. The building is the global headquarters of the
HSBC Holdings.[3]
Construction began in January 1999, with work beginning on the installation of the 4,900 glass panels commencing in the summer of 2000. The work was carried out by Canary Wharf Contractors.[5]
The
topping out ceremony took place on 7 March 2001, with the hoisting in of the final steel girder attended by bankers, journalists and
contractors. The first HSBC employees began work in the building on 2 September 2002, with phased occupation completed by 17 February 2003, and the building's official opening, by
Sir John Bond, taking place on 2 April 2003.[6]
Floors
The building has 45 above ground floors and 4 basement floors:[7]
Floor
Use
43-44
Lighting system for the building's crown, which also functions as the air intake/exhaust for the
air-handling units on this level.
40-42
Audiovisual facilities for presentations, videos, and conference calls.
9-39
Floors 9 through 39 are occupied by offices and conference rooms, with the exception of floors 15, 25, and 34, which are "transfer floors" used to transfer between the four elevator banks.
8
The central equipment room (CER) on this floor is the building's main IT hub, containing necessary equipment for building operations, including local computers and networking gear. It also houses exchanges for the building's telephone extensions. Each floor has satellite equipment rooms (SER) for communication wiring, with over 700 IT cabinets on this floor requiring extensive cabling.
The
uninterruptible power supply units on this level ensure an instant standby electrical supply for the eighth floor.
6
Client dining rooms
5
Gym with around 120 machines and partially used for trading aswell.
2-4
Trading operations, including treasury, capital markets, and equities trading
1
850-seat Staff Restaurant that serves around 2500 meals daily.
Ground
Lobby and Reception
B1
Canada Place Mall/HSBC UK Branch
B2 - B4
Parking
Ownership
In April 2007, HSBC Tower was sold to Spanish property company
Metrovacesa, becoming the first building in Britain to be sold for more than £1bn.[8] As part of the sale, HSBC retained occupancy control and agreed a 20-year lease at a cost of £43.5m per annum.[9]
In December 2008, after Metrovacesa encountered problems with re-financing the
bridging loan that HSBC had provided it and as part of a wider debt restructure for Metrovacesa, the bank bought back the property. HSBC stated it had made a £250m profit on the deal.[10]
In November 2009, HSBC once again sold the building, this time to the
National Pension Service ("NPS"), the public pension fund for South Korea. HSBC's income statement on completion declared a gain of approximately £350million resulting from the transaction.[11]
In December 2014,
Qatar Investment Authority completed the purchase of this building at an undisclosed price, but the building was expected to fetch more than £1.1 billion (US$1.73 billion).[12] NPS was advised by the estate agents
Jones Lang LaSalle and GM Real Estate.[13][14]
Occupancy issues
In September 2022, a leaked internal memo stated that HSBC was considering whether to renew its lease on the building when it expires in 2027, or whether it would relocate to other premises in London.[15]
In February 2023,
The Times reported that roughly 10 floors had been mothballed, having embraced home-working.[16]
In June 2023, the bank subsequently confirmed its intention to move out of the building by 2027 in favour of a property in the
City of London.[17][18]
Crane accident
On the 21st May 2000, three workmen employed by
Hewden Tower Cranes were killed in a crane accident when the top of a Wolf Luffing crane snapped off into the adjacent North Colonnade area.[19]
An
inquest three years later had heard a special safety plug was missing and that there was no
anemometer in the crane cab to measure wind speed, although there were no weather problems that day.
A memorial plaque under a tree opposite 8 Canada Square is in memory of these three men who lost their lives that day.
[1]
Falling glass
In the summer of 2003, one year after the completion of the tower, the first incident of a glass panel was recorded when it had fallen from the 42nd floor of the tower. This incident was during the early morning hours, and no one was injured.[21]
On June 9, 2004 yet another window panel fell from the
plant floors of the tower on the 43rd floor. This had mirrored an almost identical incident a year prior, this time with a reported near miss by a security guard in the afternoon.
Another incident was reported seven years later in 2011, when part of the HSBC signage had fallen off and smashed to the ground. The glass had fallen over 150 metres onto the building's western entrance. The North Colonnade area of
Canary Wharf was subsequently closed off while inspection took place. There were no reports of any injuries.[22]
Extinction Rebellion
On the morning of 22nd April 2021 - coinciding with
Earth Day, the environmental activist group
Extinction Rebellionvandalised the lobby windows of the tower using chisels and hammers, attempting to smash the glass as part of the protesting against the banks fossil fuel financing.
Those involved were subsequently arrested on suspicion of
criminal damage. Damages relating to the vandalism amounted to approximately £500,000 were caused by the group.
In early 2013, the tower underwent significant renovation work relating to the installation of new signage, replacing both the embedded lettering and hexagons within the glass panels across all four sides.
This work was carried out by contractors
tara signs, which both engineered and installed the new signage. The project was finished in late 2014.
[2][3]
The now current signage uses a specially formulated LED enhancing
Polycarbonate, giving the appearance of black lettering during the day, and illuminated white during the night.
Lighting behind the tiles were also replaced from
fluorescent tube lighting to
LED, although rarely used.
As of 2018, the HSBC logo installed on the tower is now out-of-date, displaying the previously used font and positioning of the hexagon.
[4] It is assumed that the signage will not be updated in the near future due to the bank’s intention to vacate the premises in 2027.[17]
Stephen and Stitt are found at the main entrance of 8 Canada Square. The pair were commissioned for the towers opening in 2002, soon to be the groups new headquarters.
The lions were cast within sight of the development by the Bronze Age Sculpture Casting Foundry in Limehouse.[24]