After much speculation, JP Morgan is officially opening its post-Brexit office in Dublin at the new Capital Dock building.
The first rumblings of a new JP Morgan site began in March of this year when sources within the financial giant claimed that the firm was to open an office for 1,000 staff in Dublin in the wake of Brexit.
This was then all but confirmed on 3 May when the company’s chief executive, Daniel Pinto, said that in the short term, hundreds of staff would be making the move to prepare for a scenario where there is no UK-EU passport deal.
Now, the consortium of Kennedy Wilson, Fairfax Financial Holdings and NAMA has announced the sale of its 130,000 sq ft Capital Dock office building to JP Morgan.
Located on Sir John Rogerson’s Quay in Dublin’s docklands, Capital Dock is one of the largest single-phase, ground-up developments to be delivered in the city, with more than 660,000 sq ft of new, mixed-use space.
JP Morgan will be moving into 200 Capital Dock, which was agreed as part of a forward-funding sale agreement to coincide with completion of the building towards the latter half of 2018.
Its designers have said that the office is capable of accommodating more than 1,000 staff within Capital Dock, comprising 660,000 sq ft of space as well as 190 residential units for rent.
Significant job creation expected
“We are excited to welcome JP 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 William McMorrow, chairperson and CEO of Kennedy Wilson.
Meanwhile, JP Morgan’s senior country officer in Ireland, Carin Bryans, added: “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.”
Speaking with the Financial Times over the weekend, the firm’s head of investor services, James Kenny, said it will hire a “significant” number of people in Dublin and that some of these jobs could be “filled by people moving from other countries”.