JP Morgan to defect to the Wharf

By John Hill on August 1, 2008 10:40 AM |

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BANKING giant JP Morgan is to leave the City for a one million square foot HQ in Canary Wharf.

The firm is in talks with Canary Wharf Group about setting up its new European headquarters in Riverside South, the planned three and a half million square foot project to the west of the estate.

JP Morgan rejected Riverside South for a site in Fore Street last May, but broke off negotiations today after 15 months. The new HQ will house the bank's investment workforce, and could be completed by early 2013.

Canary Wharf Group's parent company Songbird ruled out speculatively building Riverside South earlier this year amid credit crunch uncertainty. JP Morgan's interest will drive forward the project, which has already received planning permission and will feature one of the Wharf's tallest towers at 241.4 metres.

Construction has already begun on the foundations of the building, which will provide just under three times the floorspace of One Canada Square.

For more information, see The Wharf this Thursday August 7.