U.S. Trading Firm Picks Winner For 450K SF New London HQ

Trading firm Jane Street has picked a preferred option for a new 450K SF London headquarters in one of the largest London office leasing deals of the past two decades.

Jane Street is in talks to lease space at the 870K SF 10 Bishops Square next to Liverpool Street station and Spitalfields Market in the City of London, Green Street News reported. The redevelopment project is owned by the Hong Kong Monetary Authority and JPMorgan Global Alternatives. 

The company occupies the 230K SF 2.5 Devonshire Square and is looking to expand as its business is growing rapidly. It will take 450K SF initially at 10 Bishops Square, with the option of expanding further, Green Street said. The building will be completed in 2030, and Jane Street’s current lease expires in 2032. 

Other options Jane Street looked at included 75 London Wall, being developed by Castleforge and Gamuda, and Brockton Everlast’s Dovetail Building. 

A deal with Jane Street would cement JPMorgan’s position as one of the most successful London office developers of this cycle. 

In April last year, it preleased the whole of its 400K SF retrofit of 65 Gresham Street in the City to Squarepoint Asset Management. 

JPMorgan and HKMA bought Bishops Square for £557M in 2010 from a joint venture between Hammerson and the Oman Investment Fund, with the price paid representing a 6.25% yield. The building was occupied by law firm Allen & Overy, which is moving to British Land and GIC’s 2 Broadgate next year, paving the way for the redevelopment. 

The rent that Jane Street will pay is undisclosed, but top City rents are around the £100-per-SF mark, and it is likely to be paying significantly more than A&O, which will increase the value of the development. 

About 70K SF of the scheme’s 870K SF will be new outside terraces. 

CBRE is advising Jane Street.