JP Morgan has dealt a major blow to the City of London Corporation, the local authority in charge of the Square Mile, after a drawn-out planning process and challenges with a potential site caused it to walk away from a proposed 1m sq ft City office scheme in favour of a move to London's Canary Wharf.
The US investment bank has this morning announced that it has signed heads of terms with Songbird Estates â the Morgan Stanley-led consortium that owns the Canary Wharf Group â to relocate to the Docklands. JP Morgan will consolidate employees from several London buildings into a single 1m sq ft-plus (93,000 sq m) office block at a site known as Canary Riverside South.
