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JP Morgan Choose Tower In The City

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default JP Morgan Choose Tower In The City

Post by Mr007 Sat Dec 04, 2010 2:08 am

JP Morgan Choose Tower In The City

In a massive blow to Canary Wharf, and a big coup for the City of London, merchant bank, JP Morgan have decided to stay within the Square Mile and have their new headquarters built there.

The site for their new headquarters has been chosen off London Wall and Fore Street that will be developed by Hammerson PLC.

The building will consist of 21 floors including four trading floors of approximately 7,000 square metres each with the rest of the 70,000 square metres making up the other 17 floors in the tower. Giving an idea of the scale of the project, other tall buildings in the area, either proposed or built, include at the high end Citypoint, Ropemaker Place, and at the lower end of the scale, Moorhouse which ties in with the average floor to ceiling heights of an office with this number of floors being between 80 and 100 metres tall.

JP Morgan's new headquarters will be replacing an existing mid-rise tower from the 1960s, St Alphage House, that amongst other things has the City of London's lost pets department within.

Indications of the motives behind the failure to move to Canary Wharf, something that was highly expected, are down to money above all else. Speaking to the Financial Times, one Canary Wharf source described how, "Canary Wharf made an extremely competitive offer to JP Morgan, but it would appear that the City has made an even cheaper one."

The decision also raises questions about Riverside South with has been redesigned with larger trading floors following a client widely thought to be JP Morgan. Part of the issue hanging over this project now will be whether Canary Wharf will continue to run with this or keep building what was previously approved.

JP Morgan hope to move into their new headquarters for 2011, a very fast turnaround for such a large project given it hasn't even had planning permission applied for yet.

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