JP Morgan Chase & Co, a services firm with investment, research, banking, finance, insurance, and other businesses bought Lehman Brothers’ former headquarters, a commercial building in Canary Wharf. The company has further stretched its commercial property portfolio in London by acquiring the commercial building, and thus grouping together its entire investment banks in the city.
The company acquired the Bishops Square, an office development and commercial building located at 25 Bank Street in Canary Wharf for 495 million pounds or $773 million from the CWG or the Canary Wharf Group.
Canary Wharf Group’s chief executive, George Iacobescu said JP Morgan’s move to the commercial building at 25 Bank Street and its continuous Riverside South project investment will have considerable economic developments, including business contracts and new jobs, not just in the neighborhood but for London and for the entire UK.
According to JP Morgan, its recent commercial building acquisition represents the company’s commitment to London as one important financial district globally.
Chief administrative officer for JP Morgan, Frank Bisignano said in a news conference that the company will be reviewing its original skyscraper project at Riverside South site, as the company’s main headquarters in Europe.
Construction work stopped at the project site earlier this year, but according to the company, work will now continue as they review its use.
According to CWG spokesman, John Garwood, the company’s short term goal is building the project into street level, while reviewing what will go on that particular site.
Aside from the commercial building at 25 Bank Street, JP Morgan also acquired another London commercial property at the Victoria Embankment.