JP Morgan to extend and upgrade London office block
JP Morgan Global Alternatives, the alternative investment arm of JP Morgan Asset Management, has submitted a planning application for a major modernisation of Bishops Square and the adjoining Spitalfields Market in London.
The group plans to retain and extend the current office building, which will be re-branded as ‘One Spitalfields’, creating a new public access route from Bishops Square, through to the heart of the market.
“Following a detailed consultation process with the London Borough of Tower Hamlets and local stakeholders, we are delighted to submit this planning application which seeks to deliver a truly unique global headquarter building, alongside a comprehensive upgrade for Spitalfields Market and new community space,” said Paul Harris, executive director, JP Morgan Asset Management.
The scheme will provide 870,000 sq ft (80,826 sq m) of office and retail space, with 70,000 sq ft (6,503 sq m) of new terracing. The Foster & Partners design, targeted for delivery in 2030, will retain 70% of the original building structure and would be one of the largest retention and extension schemes in Europe.
The all-electric building will target 51% lower annual emissions, BREEAM Outstanding and EPC A.
“The quality of the original base build is exceptional. and our sensitive modernisation demonstrates buildings of scale can be repurposed, to provide best-in-class accommodation,” said Harris. “We expect the high-quality floorplates, enhanced base build flexibility and 360-degree views to appeal to a wide variety of occupiers seeking new headquarter buildings in the City core.”
JP Morgan had bought the building for £557 million from Hammerson and Oman Investment Fund in 2010. Most of the space has been let to the law firm Allen & Overy, which occupies nearly 500,000 sq ft (46,451 sqm) but is due to vacate the building in 2027.
