JPMorgan Chase for Canary Wharf

London: JPMorgan Chase & Co, the second-largest US bank, bought the former offices of Lehman Brothers Holdings in London’s Canary Wharf district for £495 million (€583.9m) to use as its investment bank’s European headquarters.

JPMorgan purchased the 1 million square-foot building at 25 Bank Street and extended an agreement to develop a nearby site, seller Canary Wharf Group Plc said.

The bank will also buy 60 Victoria Embankment, a City of London property that it has leased since 1991, New York-based JPMorgan said in a separate statement.