JPMorgan invest in Rogers monumental design despite global job cuts announcement
A colossal development in London’s Canary Wharf received a major boost this week with the announcement that JP Morgan, a bank which also announced thousands of job losses this week, has bought the 999 year lease to the Richard Rogers designed building. Canary Wharf Group, who commissioned the build of a u-shaped multi-use structure in 2002, sold the lease to JPMorgan for £237million providing a vote of confidence for the development despite recent market conditions.
Canary Wharf Group, however, remain cautious stating, “If construction of the building is postponed, or put off altogether, CWG will be paid for completed work and also retain £76m representing a portion of Developers Profits related to the development.”
The 3 million sq ft structure, currently undergoing infrastructure construction at London’s most modern business district, Canary Wharf, was originally due to encompass the longest retail and leisure stretch on the banks of the Thames but the retail aspect has now been removed from the design and other elements of the design evolved. It will now be used as JP Morgan’s European Headquarters once complete, expected in 2012. The current design features two solid tower blocks of 43 and 31 floors, the former being the second tallest in Canary Wharf after One Canada Square, connected with 5 floors of football-pitch sized flexible spaces to be used for trading.
Niki May Young