LONDON-JP Morgan will consolidate about 8,000 employees in fourlocal offices into a new one-million-square-foot Europeanheadquarters, as the investment firm has purchased 25 Bank St. fora reported $770 million. Lehman Bros. left the building, in theCanary Wharf area, in 2008 when the company collapsed.

|

JP Morgan canceled two separate plans in the past two years tobuild a new office building, first at the St. Alphage House andthen on a site it purchased at the Riverside South site in theCanary Wharf area. The Canary Wharf Group PLC said Monday that itwill continue to work with JP Morgan until 2016 as construction anddevelopment manager to develop the Riverside South site for futureuse.

|

George Iacobescu, CEO of Canary Wharf Group, said the purchasewill be a huge boost for the United Kingdom as the economyrestarts. “The move…will deliver considerable economic benefits,including new jobs and local business contracts for ourneighborhood here in Tower Hamlets, for London and for the UK,”Iacobescu said in a statement. JP Morgan, when it moves in during2012, will join Canary Wharf tenants such as KPMG, Shell, Fitch,MasterCard and Moodys.

|

Frank Bisignano, chief administrative officer with JP Morgan,said the seven-year-old building will accommodate the company’stechnology, infrastructure and amenity needs. The company alsopurchased 60 Victoria, a building the firm has been leasing since1991 and currently holds the firm’s Treasury and SecuritiesServices division. “These properties are among the most attractivepieces of real estate in London,” Bisignano said in astatement.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.