US investment bank JP Morgan Chase & Co has inked a deal to purchase 200 Capital Dock in Dublin's docklands area from developer Kennedy Wilson for a price believed to be in the region of €125 mln.
The 12,000 m2 office, which should be completed in autumn 2018, has capacity for around 1,000 employees. JP Morgan currently employs around 500 people in Dublin.
'We are excited to welcome JP 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,' commented William McMorrow, chairman and chief executive of Kennedy Wilson.
The Capital Dock scheme is a 613,000 m2 project comprising commercial and residential components, being built in a joint venture with Ireland's National Asset Management Agency (NAMA) and Canada's Fairfax Financial Holdings.
The building is tipped to become JP Morgan's European headquarters in the wake of Brexit, given its capacity and strategic location. 'This new building gives us room to grow and some flexibility within the European Union,' said Carin Bryans, senior country office for JP Morgan in Ireland.
A number of international banks, currently headquartered in London, have inititated plans to leave the UK capital for other cities in Europe in order to stay in the EU after the UK exits the institution. HSBC has unveiled plans to move around 1,000 workers to Paris, while AIG and Lloyd's of London are opening subsidiaries in Luxembourg and Brussels respectively.
