JP Morgan purchase €125 million office space in Dublin

JP Morgan has started preparing for Brexit as it buys new office space in Dublin.

JP Morgan (NYSE:JPM) has made the decision to spend an estimated €125 million for an office building under construction in Dublin.

As the US banking firm steps up its post-Brexit plans, they have acquired the 200 Capital Dock building, which has the capacity to house up to 1,000 employees.

The capital dock space is designed by Irish architecture firm O’Mahony Pike and plans to include 345,000 sq ft of office space across 100, 200 and 300 Capital Dock.

Carin Bryans, senior country officer for J.P. Morgan in Ireland said: “Dublin has the vibrant business and technology communities that suit a global firm like ours, given the momentum of our local businesses, this new building gives us room to grow and some flexibility within the European Union,”

JP Morgan also plans to move operations to Frankfurt and Luxemburg in an attempt to secure its EU business after Brexit.

“We are excited to welcome J.P. 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,” said the chairman and CEO of Kennedy Wilson, William McMorrow.

Daniel Pinto, the chief executive of JP Morgan’s corporate and investment bank, said at the beginning of the month that JP Morgan plan to move “substantial portion” of the bank’s London operations to the EU.

“We will have to move hundreds of people in the short-term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers.

“We have to plan for a scenario where there is no UK-EU passporting deal, and we have to move a substantial portion of our business to continue serving our European clients,” he added.

The relocation of operations to Dublin is expected to take place ahead of Spring 2019. They currently employ 500 people in the Irish capital.