Search
 

JPMorgan Redeveloping London Property for HQ

LONDON-One million sf of modern office space will be created through the project in the city's Square Mile district.

By Joe Clements | Updated on May 02, 2007

LONDON-In another blockbuster deal for the city involving a renowned international financial institution, JPMorgan has tabbed British real estate investment trust Hammerson plc to upgrade St. Alphage House into a premier headquarters building totaling one million sf. Work is expected to commence in 2008 following approval of the project’s design.

Under the terms of the agreement announced this week, Hammerson will work in partnership with the City of London Corp., which currently owns the property, as development manager to overhaul and expand the tower. JPMorgan would acquire the leasehold interest in the building and have an ownership interest going forward. According to Hammerson chief executive John Richards, the undertaking will not only provide a “prestigious” new European headquarters for JPMorgan, it will “maintain the bank’s long tradition of operating within the Square Mile,” London’s famous financial district.

“We are delighted with this agreement,” adds City of London Corp. official Michael Snyder. “This new building and JPMorgan’s continued presence in the city will reinforce London’s pre-eminent position as Europe’s leading financial capital.” Along those same lines, HSBC Corp. announced this week that it will sell its London headquarters for $2.2 billion USD, but signed a leaseback provision there committing to the city for another 20 years. That 1.1-million-sf building at 8 Canada Square is located in London’s Canary Wharf, an area of the city that has seen several high-profile companies move to in the past decade.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.