JP Morgan Planning To Move Back To The West End

Two years after the company surrendered its lease at Grosvenor’s Almack House, JP Morgan is making a return to the West End.

It is understood that the group is searching for as much as 35,000 sq ft for one of its private banking operations, through agent Knight Frank.

So far, the company  have looked at the Crown Estate’s One Hanover Street – formerly occupied by Icelandic bank Kaupthing Singer & Friedlander – and at the Abu Dhabi Investment Authority’s 124,000 sq ft One Knightsbridge, SW1.

The bank previously occupied the 96,000 sq ft Almack House on King Street, paying £82 per sq ft, but surrendered its lease in 2008.

Demand for vacant space continues to rise as other companies are looking to relocate. Media-buying firm Mindshare is narrowing options for its 80,000 sq ft requirement. The company’s shortlist includes Legal & General’s and Mitsubishi Estate’s 400,000 sq ft of offices at Central Saint Giles, WC1, British Land’s 490,000 sq ft Regent’s Place, and Development Securities’ Paddington Central, W2. It has a September lease break at Land Securities’ 40 Strand, WC2.