JP Morgan snaps up office space in one of Dublin's flashiest developments

It's planning major hires here...

News broke yesterday that US bank, JP Morgan Chase plans to hire a "significant" number of additional Irish workers - and today it has been confirmed that the firm has a new Dublin office.

It is the first major occupier to commit to buying part of the Capital Dock campus, opposite the 3Arena on the River Liffey.

The company will acquire '200 Capital Dock.' The property houses 130,000 sq ft fronting onto the river, it will take control of the property through a forward-funding sale agreement to coincide with the completion of the building which is expected in the final third quarter of next year.

The building is capable of accommodating over 1,000 staff - the company is expected to create up to 500 new jobs in Ireland.

Kennedy Wilson is developing the project in a joint venture with Fairfax Financial Holdings Limited and the National Asset Management Agency.

"We are excited to welcome J.P. 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, Chairman and CEO of Kennedy Wilson. 

"Our commitment to Capital Dock began in 2012 when we acquired a loan secured by the State Street Building and its adjoining site. Our team’s execution of converting that loan to direct real estate, strategic site assembly and structuring the joint venture with NAMA and securing master planning has culminated in the construction and delivery of our vision for this dynamic campus, which will be full of energy as we welcome J.P. Morgan employees to Capital Dock," he added.

The financial institution's decision to increase its Irish presence comes as firms prepare for Britain's exit from the European Union.

It currently employs some 500 workers across the country.