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07 Jan 2008

JPMorgan Expands in Hong Kong With Agreement to Take Up to 11 Floors at One Island East

JPMorgan, the leading global financial services firm, has today (7th January 2008) committed to lease up to 11 floors at the 70-storey One Island East building, the landmark commercial development in Swire Properties' Island East portfolio scheduled for single-phase completion in March 2008. Occupying an area of up to 237,000 sq ft, JPMorgan's tenancy is the largest transaction concluded at One Island East.

Mr Gaby Abdelnour, the Chairman and Chief Executive Officer of JPMorgan Asia Pacific, said the expansion to One Island East would provide the office space required for the firm's ambitious growth targets.

“JPMorgan's expansion to One Island East reflects the acceleration in growth which all our businesses are achieving. The new space is a perfect solution for our requirements. It is an excellent building for our staff and it is in the right location. I'm also pleased with the terms of the agreement, and to have Swire as our landlord.

Our Asia Pacific headquarters in Hong Kong will remain in Chater House and retain a maximum of 2,000 staff, reflecting our commitment to Central. However, we will progressively locate up to 1,900 staff from August 2008 in the new offices at One Island East as we grow our Hong Kong businesses. ” Mr Abdelnour said.

After the agreement with JPMorgan, One Island East will be 62 per cent pre-leased with major tenants including multinational financial services and insurance groups, corporations from the architecture, shipping, marketing and real estate sectors.

Mr Stephan Spurr, the Director and General Manager of Swire Properties said, “One Island East is a compelling world class facility which has attracted enormous interest from the tenant community. This is testament to the development's strategic location, best in class specifications and the mature, proven infrastructure supporting it. We welcome JPMorgan to this landmark development, and look forward to satisfying the firm's growth and business needs in the years ahead. ”