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JPM

January 14, 2011 by staff 

JPM, (AFP) - U.S. bank JPMorgan Chase agreed to buy the former headquarters of Lehman Brothers European chess peer for some 500 million pounds, a seller of Canary Wharf Group announced Monday.

“Today, JPMorgan has acquired 25 Bank Street, Canary Wharf Canary Wharf Group Plc,” GTC said in a statement said that the U.S. firm will pay a total of 495 million pounds (585 million euros, $ 768 million).

“The building will become the new European headquarters of investment bank JPM in 2012,” added

The tower, which has more than one million square feet of floor space used to house Lehman Brothers until the U.S. investment bank collapsed in September 2008 that the global financial crisis erupted.

The move will bring division of JPMorgan Investment Bank, currently distributed in four locations in London.

“Even during the recession, we continued to invest and grow our business internationally,” JPMorgan Chief Executive Jamie Dimon said in the statement.

“This acquisition is a long term investment and is a part of our ongoing commitment to London as one of the most important financial centers worldwide.”

JPMorgan said it would continue to work alongside GTC to build the £ 1.5 billion Riverside South development of Canary Wharf.

In a separate statement, JPMorgan said it had also agreed to buy the office building 60 Victoria Embankment in central London, the private equity group Carlyle. He did not disclose the price.

The bank has leased the property, which houses its Treasury and Securities Services division since 1991.

Copyright © 2011 AFP. All rights reserved.

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