UK-based property company Hammerson has entered into an exclusivity agreement with JPMorgan for the construction of the bank's new European headquarters in the City of London. Hammerson said it will work in partnership with the City of London Corporation to redevelop St. Alphage House at London Wall into a new 90,000 m[sup]2[/sup] office building for JPMorgan.

UK-based property company Hammerson has entered into an exclusivity agreement with JPMorgan for the construction of the bank's new European headquarters in the City of London. Hammerson said it will work in partnership with the City of London Corporation to redevelop St. Alphage House at London Wall into a new 90,000 m2 office building for JPMorgan.

JPMorgan plans to acquire the long leasehold interest in the site from the City of London Corporation prior to construction, and will own the building. A planning application will be submitted later this year with work expected to start on the site during 2008.

Property advisor Knight Frank advised Hammerson and the City of London in their negotiations with JPMorgan. Jones Lang LaSalle advised the City of London in its capacity as owner of St. Alphage, while JPMorgan was advised by DTZ.