More real-estate action in Canary Wharf: JPMorgan Chase's new building here in the Docklands was just sold for something more than a song. The sonorously-named Songbird Estates ditched the 315,000-square-foot building on Churchill place for £208 million, £38 million more than the company valued the building in September.
Five Churchill Place is primarily occupied JPMorgan Markets.
Songbird sold the building, which was completed in August, to some guy in Bermuda to help it pay off a loan from a bank in much worse shape than JPMorgan, which pays more than £10 million per year in rent on the building: Songbird owes Citigroup £1.03 billion, and the latter could really use that money.
Songbird Sells JPMorgan Building in Canary Wharf [Bloomberg]
Songbird's Canary Wharf Sells Landmark Building [WSJ]