JP Morgan Global Alternatives, the alternative investment arm of JP Morgan Asset Management, has submitted a planning application for a major modernisation of more than 800,000 square feet of office and retail space at Bishops Square and the adjoining Spitalfields Market in London.
The proposal seeks to retain and extend the current office building, which will be re-branded as One Spitalfields, creating a new public access route from Bishops Square, to the heart of the market. The scheme will provide 870,000 square feet of office and retail space, with 70,000 square feet of new terracing. The Foster & Partners design, targeted for delivery in 2030, will retain 70% of the original building structure and would be one of the largest retention and extension schemes in Europe, JP Morgan said.
CBRE, RX London and Knight Frank are the appointed office agents. The retail agents are Colliers & CBRE.
JP Morgan bought the building for nearly £557 million from Hammerson and Oman Investment Fund in 2010. Five years later, it was looking to sell the property for around £850 million, as reported by CoStar News at the time. JP Morgan said this was not the case but declined to comment further.
Most of the space at 1-10 Bishops Square has been let to Allen & Overy, occupying 477,267 square feet in the property. The international law firm is vacating the building in 2027.
After the redevelopment, the building will be all-electric, targeting 51% lower annual emissions, BREEAM Outstanding and EPC A.
“Following a detailed consultation process with the London Borough of Tower Hamlets and local stakeholders, we are delighted to submit this planning application which seeks to deliver a truly unique global headquarter building, alongside a comprehensive upgrade for Spitalfields Market and new community space," said Paul Harris, executive director at JP Morgan Asset Management in a statement. “The quality of the original base build is exceptional and our sensitive modernisation demonstrates buildings of scale can be repurposed, to provide best-in-class accommodation. We expect the high-quality floorplates, enhanced base build flexibility and 360-degree views to appeal to a wide variety of occupiers seeking new headquarter buildings in the City core.”
(Updated on 8 July to state that Allen & Overy is to vacate the property in 2027 in the fifth paragraph).