Leading global law firm Mayer Brown has advised US investment bank J.P. Morgan on the £495 million ($762 million) acquisition and refurbishment of 25 Bank Street, Canary Wharf in London from Canary Wharf Group.
The building, which has over one million square foot of floor space, will become the new European headquarters for J.P. Morgan’s Investment Bank. J.P. Morgan has been granted a new 999 year lease of the property.
These moves, together with the addition of J.P. Morgan at 25 Bank Street, contribute significantly to increasing the working population of Canary Wharf, taking it above 100,000 for the first time.
Mayer Brown Real Estate partner, Jeremy Clay, said: “We were delighted to help J.P. Morgan in relation to the acquisition of their new European Investment Bank Headquarters, and their continued investment in the UK.”
A Mayer Brown Real Estate-led team comprising Real Estate, Corporate, Insolvency, Capital Markets, Construction and Tax lawyers advised on the transaction.
On the Real Estate side, partner Jeremy Clay led the team along with Real Estate partners Anita Jones and Nick Marshall, senior associate Iain Roberts and associate Kirsty Sherwood.
The Mayer Brown team also included Capital Markets partner Drew Salvest; Corporate partner Richard Page; Insolvency partner Ian McDonald; Construction partner Chris Fellowes and associate Debbi Simon; Tax partner Peter Steiner together with partners in the firm’s New York and Chicago offices.
Clifford Chance advised Canary Wharf Group on the acquisition by J.P. Morgan.
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