JPMorgan buying $137M Dublin office for 1000 staff

Reuters

A consortium comprising Kennedy Wilson, Fairfax Financial Holdings and Irish state-run National Asset Management Agency on Monday said that it had sold the 12,000 square metre Capital Dock office building, due for completion in the final quarter of 2018, for an undisclosed amount. The bank is understood to have paid $137m (£106m) for the prestigious block.

Its designers have said the office is capable of accommodating over 1,000 staff with the entire Capital Dock space comprising of 660,000 sq ft of space as well as 190 residential units for rent.

The biggest investment bank in the world is buying Capital Dock, the most easterly building on the south quays which is still under construction.

JP Morgan has agreed to forward-fund its new building, which will be completed towards the end of next year. "Dublin has the vibrant business and technology communities that suit a global firm like ours", JPMorgan senior Ireland officer Carin Bryans said in a statement. JP Morgan also employs more than 1,300 at its Glasgow fintech centre.

The firm now employs around 500 people in Dublin in custody and fund services, transaction services and technology and operations. "Growth plans are driving our real estate plan", Mr Kenny told the Financial Times, in an interview in Hong Kong this weekend.

"The binding constraint in Ireland isn't really around the supply of qualified people; it's around infrastructure - the infrastructure in the city, the supply of housing. the capacity in the school system, the domestic transport infrastructure", he said.

The bank has indicated it will use its existing European Union banks, in Dublin, Frankfurt and Luxembourg to anchor its European Union operations after Brexit. These are commonly referred to as back-office functions and are not as well paid as front-office jobs in areas such trading.

JP Morgan employs 16,000 people across the United Kingdom, with about 11,000 in the City, 4,000 in Bournemouth - it is the biggest private-sector employer in Dorset - with the remainder in Scotland.

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