JP Morgan Acquire Remarkable New Office Space in Canary Wharf
60 Victoria Embankment is purchased by investment company JP Morgan.
JP Morgan have acquired another London property after recently announcing they were moving their European headquarters to 25 Bank Street in Canary Wharf.
The investment company have purchased 60 Victoria Embankment from the Carlyle Group. The price has not been disclosed but the most recent valuation of the building stands at £350 million. However, last year city sources estimated that the value of the office space in Canary Wharf had dropped to £100 million.
“This is an opportunistic reaction to changing and improving market conditions which also allows us to facilitate JP Morgan’s long term real estate strategy, whose commitment is positive for London and reflects our own views on the City,” commented Robert Hodges, managing director at Carlyle.
The building contains 414,126 square foot of office space in Canary Wharf and was bought by Carlyle in June this year as part of Simon Halabi’s London Thames office portfolio.
“Although we originally envisaged a hold and redevelop strategy for 60 Victoria Embankment, we have agreed to sell it to J.P. Morgan. We will continue to progress our plans for the remaining assets in the portfolio and look forward to implementing these in the future,” commented Robert Hodges.
Currently the building houses the Carlyle Group’s treasury and securities division and is also let to JP Morgan on a lease that lasts until March 2016 at £43.46 per square foot, or £18 million a year.
JP Morgan are expected to use the office space in Canary Wharf to house workers closely to their new European headquarters.
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