JPMorgan in Talks to Lease Canary Wharf Office Formerly Occupied by Credit Suisse
Canary Wharf, London - JPMorgan Chase & Co. is reportedly in negotiations to lease approximately 150,000 square feet of office space at 1 Cabot Square in Canary Wharf. This space was previously occupied by Credit Suisse's UK headquarters.
UBS Group AG, which acquired Credit Suisse, has been subletting the space since the acquisition. According to sources close to the negotiations, no agreement has been reached yet.
This potential deal would provide additional workspace for JPMorgan, which has outgrown its current Canary Wharf office. JPMorgan has recently implemented a mandate requiring its 300,000 employees to return to the office five days a week starting in March.
The Cabot Square space is among the first offices developed in Canary Wharf and is owned by Qatar's sovereign wealth fund. Credit Suisse invested heavily in upgrading and modernizing the building before its rescue by UBS.
A lease agreement would reduce the amount of "gray space" (empty but leased offices) in Canary Wharf, benefiting the area's primary owners, Qatar and Brookfield Asset Management.