J.P. Morgan (“JPM”) today acquired 25 Bank Street in Canary Wharf from Canary Wharf Group plc (“CWG”). The building will become the new European headquarters of JPM’s Investment Bank in 2012.
CWG will continue to work with JPM as construction and development manager to develop the Riverside South site at Canary Wharf for future use. Design and construction work will recommence immediately to bring the development to street level. In addition, CWG and JPM have extended their development agreement to October 2016.
The addition of JPM staff together with recent office occupiers such as KPMG, Shell, MF Global, Fitch, Mastercard and Moodys and the retail expansion, will increase the working population of Canary Wharf above 100,000 for the first time.
25 Bank Street has more than one million square feet of floor space. The high quality of the building, its amenities, technology and infrastructure are among the best of its kind and will help JPM’s Investment Bank to increase efficiencies, productivity and communication among employees together in one location. The building completed in 2003 and is specifically designed for a global financial institution.
George Iacobescu, Chief Executive of CWG, said: “This is very good news for London and for Canary Wharf. J.P. Morgan is one of the largest and most prestigious banks in the world. This decision secures London as the European headquarters for J.P. Morgan and it is a huge boost for the UK as the economic recovery starts.
“The move into 25 Bank Street and the continuation of investment in the Riverside South project will deliver considerable economic benefits including new jobs and local business contracts for our neighbourhood here in Tower Hamlets, for London and for the whole UK.
“Canary Wharf Group looks forward to working with J.P. Morgan to deliver the next phase of development, reaffirming our commitment to the local community and environment.”
Jamie Dimon, Chairman and CEO of JPM said: “Even during the recession, we have continued to invest and grow our businesses internationally. “This acquisition is a long-term investment and represents part of our continued commitment to London as one of the world’s most important financial centres.”
“The opportunity for our Investment Bank to be located in one state-of-the-art building allows us to upgrade our operational capabilities and maintain our strong position in the region,” said Jes Staley, CEO of the Investment Bank.
Canary Wharf Group plc
T: 020 7418 2000
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T: +44 (0) 20 7404 5959