JP Morgan to move office space.
Financial company searches for new tenants in Canary Wharf offices.
Financial services and asset management company JP Morgan has started its search for potential tenants for the Lehman Brothers building in Canary Wharf. Property consultants Cushman & Wakefield and DTZ have been instructed by the company to sublet around 700,000 square feet of office space in the London based offices.
JP Morgan are due to move out of the offices located at Alban Gate and Aldermanbury Square within the next year. The banking services company is to move from the two offices into one location, 25 Bank Street, in Canary Wharf before next year.
It is expected that another financial services company will move into the London office space. Recent figures from Cushman & Wakefield suggest that financial institutions are responsible for a great deal of improvement in the European property market.
The last quarter of 2010 stands as a good example of this with major contracts being signed by the likes of BNP Paribas who took up new office space in King’s Cross. It has been reported that Schroders has expressed interest in the Alban Gate office space. The company is searching for around 170,000 square feet for new headquarters in the UK capital.
However, according to a Schroders spokeswoman the company “has no active requirement at present.” However she did comment that the firm had an appointment at Knight Frank in order to “undertake a preliminary assessment of the City market as part of our longer-term planning process and identification of potential future options.”