J.P. Morgan buys office space in Dublin 16 May 2017Dublin Reporter: Mark Dugdale
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J.P. Morgan has acquired an office building in Dublin’s Capital Dock development as it makes plans for its EU operations post-Brexit.
The property, 200 Capital Dock, will be made up of 130,000 square feet of office space and is expected to be completed in Q3 2018, coinciding with the forward-funding agreement.
Capable of accommodating 1,000 staff, it will give the bank flexibility across the EU as the UK prepares to leave. It was acquired from joint venture Kennedy Wilson and Fairfax Financial Holdings.
William McMorrow, chairman and CEO of Kennedy Wilson, said: “We are excited to welcome J.P. Morgan, through its acquisition of 200 Capital Dock, as the first major office occupier to commit to this best-in-class mixed-use campus development, to grow its existing business and meet its long-term plans in Ireland.”
He added: “Our team’s execution of converting that loan to direct real estate, strategic site assembly and structuring the joint venture with NAMA and securing master planning has culminated in the construction and delivery of our vision for this dynamic campus”
Carin Bryans, senior country officer for J.P. Morgan in Ireland, said: “Dublin has the vibrant business and technology communities that suit a global firm like ours. Given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the EU.”
The office acquisition follows J.P. Morgan’s win of a $1 trillion custody mandate from BlackRock in January, paving the way for the US bank to become the second biggest custodian in the world.
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