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    JP Morgan Dump City For Wharf

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    Mr007

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    JP Morgan Dump City For Wharf

    Post by Mr007 on Sun Nov 28, 2010 1:19 am

    JP Morgan Dump City For Wharf

    Published on 01-08-2008 by Skyscrapernews.com
    Banking giant, JP Morgan, look set to make a move to Canary Wharf following the collapse of talks with Hammerson for the development of a new headquarters in the City of London.

    JP Morgan were looking at occupying a new building on London Wall at the site of St Alphage House but a mixture of conditions all combining, including local opposition from Barbican residents who were facing their sunlight being completely blocked out, and a severely constrained site that pushed to the limit what could be fitted on it vertically thanks to height restrictions made it extremely difficult to get something decent built with the necessary office space. In total they were looking at building 90,000 square metres of space.

    Making it a bitter pill for Hammerson, they have agreed to pay all of JP Morgan's costs for a new headquarters as part of the deal they signed with the financial institution, some £17 million in total.

    JP Morgan has now entered into exclusive talks with Canary Wharf owner, Songbird for the construction of new European headquarters. They are discussing moving into Riverside South that ticks numerous boxes including the requirements for large trading floors that JP Morgan would occupy. This does not yet constitute a contract but rather an understanding on which to build.

    The project already has groundwork being carried out on site and after the last redesign by Rogers Stirk Harbour + Partners has seen the amount of proposed office space increase to 324,888 square metres with the tallest building being 253.6 metres and the shorter one at 191 metres.

    The news is a huge blow for the City of London that is once again finding itself constrained by height limits when they look at what they can build. Although skyscrapers are going up there, none of them have large enough floors for the biggest of financial companies. The City previously lost HSBC to Canary Wharf after they spent five futile years trying to build a tower.

    It's good news though, not only for Canary Wharf, but also for the residential market there. The deal, once signed, will see thousands of workers move there with many seeking apartments in the immediate area.

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