Upbeat on riverside tenants

By John Hill on May 10, 2007 12:00 AM

DESPITE banking giant JP Morgan's decision to remain in the City, Canary Wharf Group (CWG) is confident it will have no trouble filling Riverside South.
JP Morgan announced last Wednesday (May 2) it had entered into 90-day exclusive talks with the City of London to construct a new HQ between London Wall and Fore Street.
It appears to have snubbed a move to Canary Wharf, where it would have taken 1million sq ft in the huge Riverside South development.

But CWG remained upbeat after the announcement. A spokesperson said: "Canary Wharf made an extremely competitive offer to JP Morgan, but it would appear that the City Corporation has made an even cheaper one.
"The market is strong, we have an exceptional product and we are in discussion with a number of parties on this and other sites at Canary Wharf, which reflects continuing strong interest in the unique space we can provide at Canary Wharf."
Speculation that Riverside South would soon become home to the business swelled when a revised planning application for the development was filed in mid-April, featuring column-free trading floors "to respond to potential tenant requirements".
But JP Morgan will now negotiate with property developer Hammerson to create a London headquarters in the City, boasting four trading floors measuring 72,000sq ft each.
A statement from the firm said: "JP Morgan's criteria in selecting the site and partners were three-fold: excellent build quality, favourable economics and good location. Should the exclusive talks result in an agreement, the firm expects to submit an application for the planning authority later in the year."
Planning officials in Tower Hamlets are expected to make a decision on Riverside South in the summer. If approved, the tallest tower on the development will reach 241.4m, just three metres shorter than One Canada Square, the tallest building on the Canary Wharf estate - and the UK as a whole.
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