U.S banking group JP Morgan, is to off-load one million sq. ft. of London office space as the firm plans to relocate to Canary Wharf, according to the Financial Times.
A pitch was held this week to London property agents for advice on how best to dispose of the office space located on London’s square mile, which it no longer needs.
The majority of staff will be relocated to the former office of Lehman Brothers, although the bank is looking to keep hold of one of its current offices to allow easy access to clients.
The space which the bank currently occupies will be marketed to new businesses with leases which vary in length from a few years, to over a decade.
There is currently a lack of supply for good office space, which has lead to rental prices to shoot through the roof. Property agents are expecting prices to reach £70 per sq ft at some point in 2011.
Commercial property news brought to you direct from DeVono Cresa, experts on London office space.