Westfield welcomes J.P. Morgan to Sydney project

February 9, 2010 Agencies
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The Westfield Group  today announced that J.P. Morgan will anchor the new 25-storey 32,800 square metre office tower to be constructed at 85 Castlereagh Street as part of the Westfield Sydney City project that is currently under development.

The completed precinct encompasses six elements totaling 171,000 square metres (sqm) gross lettable area that together will create a world-class retail, tourism and office location in the heart of Sydney’s CBD, expected to be valued at approximately $3 billion.

Total retail space will be around 94,000 sqm including the new flagship retail centre with more than 250 stores in approximately 40,000 sqm and connections to both David Jones and Myer; Sydney Central Plaza with 54,000 sqm; and the iconic Sydney Tower with restaurants, observation decks and the Sydney Skywalk attraction.

The precinct’s total office space will be around 77,000 sqm, including 85 Castlereagh St. J.P. Morgan will occupy 16,700 sqm of the new tower when its construction is expected to be completed in the second quarter of 2012, while the Australian Securities and Investment Commission (ASIC) will anchor the 29,000 sqm refurbished office tower at 100 Market Street.  A third office tower is located at 77 Castlereagh St with 15,000 sqm of office space.

The addition of the new tower will bring the project’s total development cost to approximately $1.2 billion.

“We’re delighted that J.P. Morgan, one of the world’s leading banks, is establishing its Australian headquarters at our Sydney City project,” said Westfield Group Managing Director Steven Lowy.

“Their presence will add significant prestige to what will already be a world-class destination.”

Rob Priestley, Chief Executive Officer of J.P. Morgan Australia and New Zealand said: “We are pleased to be the anchor tenant in this new Westfield building.  This is an exciting development in our firm’s local history which reflects our aggressive growth strategy for the future, the momentum in the franchise and the strength of our brand and client relationships.

“Today’s announcement underscores J.P. Morgan’s commitment to deliver our full range of local capabilities across our investment banking, commercial banking and treasury and securities services platforms, backed up by the product and service power of the global firm to Australasian clients,” he said.

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