by jbs120508c — December 12, 2008—JP Morgan (JPM) and Canary Wharf Group (CWG) have successfully concluded an agreement for the staged development of the Riverside South site at Canary Wharf, according to Jones Lang LaSalle. Under this agreement the 999 year leasehold interest of Canary Wharf Group in the land has been sold to JP Morgan for 237million.
Infrastructure work on the site has already started and JP Morgan has reportedly instructed CWG to complete on its behalf the design, planning, and further infrastructure works for a new European headquarters building which will be designed to meet the expected future operational needs of JPM.
CWG will act as Development and Construction Manager. While CWG is completing the design, planning, piling, and raft construction JPM will, subject to market conditions, decide when to instruct CWG to proceed with final construction. If construction of the building is postponed, or put off altogether, CWG will be paid for completed work and also retain 76million representing a portion of developer’s profits related to the development.
Jones Lang LaSalle and CB Richard Ellis are joint leasing agents for Canary Wharf Group on its Estate at Canary Wharf.
