Determined to steal the Crunch's thunder, Rogers heads two credit busting deals in one week
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.
In the same week it has been announced that RSHP has won the New York and New Jersey commission to design the Port Authority Bus Terminal. The design features a new 42-storey tower and renovations to the Port Authority Bus Terminal located in Mid-town Manhattan.
The proposed air rights development will add approximately 1.3 million sq ft of sustainable first-class office space above the terminal and allow for significant improvements to the terminal facility, including new mass transit opportunities for commuters through increased bus capacity and the renovation of approximately 40,000 sq ft within the existing North Wing for retail use.
Rogers bested US finalists Pelli Clarke Pelli and KPF to land the job. Work is estimated to start in the spring of 2009.
Niki May Young/Sharon McHugh
News Editor/US Correspondent