JP Morgan Pays $770M for New Europe HQ

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

JP Morgan canceled two separate plans in the past two years to build a new office building, first at the St. Alphage House and then on a site it purchased at the Riverside South site in the Canary Wharf area. The Canary Wharf Group PLC said Monday that it will continue to work with JP Morgan until 2016 as construction and development manager to develop the Riverside South site for future use.