According to a source familiar with the matter, JPMorgan is currently in discussions to secure excess office space in Canary Wharf's vacant former offices belonging to Credit Suisse. The Wall Street banking giant, which has outgrown its European headquarters in the vicinity, required additional space. While JPMorgan has mandated a return to office work starting in March, talks about the surplus space predated this decision.
Reports from November indicated that JPMorgan was considering long-term solutions for its London base due to space constraints at its current tower on 25 Bank Street. Possible options included erecting a new tower in Canary Wharf, enhancing its existing tower, or relocating to the more centrally located City of London.
The temporary utilization of space in the former Credit Suisse building at 1 Cabot Square is viewed as an interim measure. UBS Group had assumed the lease of the Credit Suisse building after acquiring the company in 2023 and subsequently moved its workforce to its own City-based London office. The property is under the ownership of the Qatar Investment Authority (QIA).
When approached for comments, UBS opted not to respond, and a representative from QIA was not immediately reachable.
Initial reports by Bloomberg revealed that JPMorgan's discussions involved potentially leasing approximately one-third of the available space in the building.