(Bloomberg) -- Morgan Stanley has decided to keep its European headquarters in London’s Canary Wharf neighborhood, bucking the trend of financial firms that have opted to leave the Docklands district.

The bank will maintain its offices at 20 Bank Street through 2038 after agreeing to extend its lease on the space by 10 years, according to a statement Wednesday from landlord Canary Wharf Group. The deal includes “an investment to enhance the property’s sustainability performance,” the developer said.

Morgan Stanley in recent years has scouted options elsewhere in London for a new headquarters, Bloomberg News previously reported. But the bank had long been favoring staying put in its existing offices.

“The wharf is a great place to work and we’re looking forward to witnessing the next stages of Canary Wharf’s evolution first hand,” Chris Beatty, chief operating officer of the Europe, Middle East and Africa region for Morgan Stanley, said in a statement. 

The lease extension is a boost for Canary Wharf after long-standing tenants HSBC Holdings Plc, Moody’s Corp., and law firm Clifford Chance have opted to leave, raising concerns about demand for the space in the district. 

It comes as Barclays Plc also decided to extend its main Canary Wharf lease, albeit while reducing its overall footprint. Citigroup Inc. is also in the midst of refurbishing a 42-story tower in the neighborhood that it bought in 2019.

Morgan Stanley also plans to remain in its other Canary Wharf office at 25 Cabot Square, according to a spokesman for the bank. 

(Updates with plans to remain in second Canary Wharf office in last paragraph.)

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