JPMorgan has announced plans to base its European headquarters in London purchasing office space in Canary Wharf [1]part of a new £237m business development.
The American investment bank have bought a lease-hold on the development - to be called Riverside South - for the building which is not expected to be finished until the end of 2012.
The deal for 1.9m square feet site is a boost for canary, which has recently seen the collapse of tenants Lehman Brothers.
"This is good news, if only because banks wouldn't be building anywhere if they feared a cataclysmic medium-term downturn," said Dan Bayley, head of UK office agency Atisreal.