UPDATE 1-JPMorgan buys new London HQ, continues other site

* JPMorgan acquires ex-Lehman Bros building in London

* JPMorgan pays 495 mln pound for building

* Continues to develop planned new headquarters

(Adds detail, background)

LONDON, Dec 20 (BestGrowthStock) – JPMorgan (JPM.N: ) has acquired the
former Lehman Brothers building in London for 495 million pounds
($773.4 million) for the European headquarters of its investment
bank from 2012, the bank said on Monday.

At the same time, the bank will continue to develop its
Riverside South site where it had planned a conspicuous new
headquarters, said the Canary Wharf Group which owns the
majority of the Canary Wharf district’s property.

JPMorgan and the Canary Wharf Group had stopped building a
new headquarters on the site this year, triggering speculation
JPMorgan would axe the costly project, under pressure from
negative sentiment against banks.

The Canary Wharf Group — which is majority owned by
Songbird Estates (SBDE.L: ) — said construction work would
recommence immediately to bring the development to the street
level and that it had extended its development agreement with
JPM until October 2016.

“This acquisition is a long-term investment and represents
part of our continued commitment to London as one of the world’s
most important financial centres,” JPMorgan Chairman and Chief
Executive Officer Jamie Dimon said in a statement.
($1=.6400 Pound)
(Reporting by Karen Foster; Editing by Douwe Miedema and Louise
(See www.reutersrealestate.com for the global service for real
estate professionals from Reuters)

UPDATE 1-JPMorgan buys new London HQ, continues other site