Commercial Property

JPMorgan scouts for additional office space in Dublin

Amsterdam also focus of Brexit contingency plan

JPMorgan may lease or acquire about 100,000sq ft of extra office space in Dublin, sources said.

Wed Jun 21 2017 - 15:11

JPMorgan Chase is scouting for additional office space in Dublin and is also considering occupying property in Amsterdam after the UK’s vote to leave the European Union, sources said.

The US’s largest bank may lease or acquire about 100,000sq ft (9,290sq m) of extra office space in Dublin, sources said. That’s enough for about 770 workers based on typical modern office use.

The bank last month agreed to pay about €125 million for an office building under construction in Dublin, according to a source. That property could accommodate more than 1,000 workers and is due to be finished in the third quarter of 2018.

“We continue to evaluate our real estate strategy across Europe so we can support our clients in any scenario,” Jennifer Zuccarelli, a spokeswoman for JPMorgan, said by phone. “As we have said before, we will use the three banks we already have in Frankfurt, Dublin and Luxembourg as our legal anchors.”

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Chief executive officer Jamie Dimon told UK staff before the Brexit vote that as many as 4,000 of them could be relocated if the referendum passed. In January, he said that number could be even higher – or lower – depending on how the government's negotiations play out. – (Bloomberg)

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