INDUSTRY NEWS

JP Morgan looks to sublet City of London Offices

JP Morgan, the US investment bank, is looking for tenants for its City of London offices.

The company is set to move to new offices in the former Lehman Brothers building in Canary Wharf.

It is now looking to sublet more than 700,000 square feet at its City of London office in Alban Gate and Aldermanbury Square.

The bank paid almost £500m for the former Lehman building, which will provide almost one-million square feet for JP Morgan’s European headquarters.

It intends to move to its new location by 2012.

The news comes as new research shows London was the most active market for financial office space in Europe last year, providing 27% of European office take-up.