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J.P. Morgan secures £1B loan for One Spitalfields office revamp

The redevelopment is backed by a pre-let for 465,000 square feet, with Jane Street agreeing to take that space.

Reported · Written up by our desk · Commercial

Bisnow reports that J.P. Morgan has secured a £1 billion development loan for its redevelopment of One Spitalfields, a City of London office scheme being financed by ING Bank and Singapore's DBS Bank.

The 11-storey building at 1 to 10 Bishops Square is expected to deliver more than 700,000 square feet of office space after refurbishment, with the project targeting an energy performance certificate A rating and BREEAM Outstanding certification.

Financing is supported by a pre-let covering 465,000 square feet of the completed building, with quantitative trading firm Jane Street agreeing to take the space as J.P. Morgan Asset Management described it as the City’s largest off-plan pre-let in more than a decade.

The redevelopment is expected to complete in 2029, after A&O Shearman departs in May 2027, and the wider project is designed by Foster + Partners.

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