25 Bank Street facts for kids
Quick facts for kids 25 Bank Street |
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25 Bank Street
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| Former names | HQ2 |
| General information | |
| Type | Commercial |
| Location | London, E14 |
| Coordinates | 51°30′10.7″N 00°01′15.7″W / 51.502972°N 0.021028°W |
| Construction started | 2001 |
| Completed | 2003 |
| Opening | 5 April 2004 |
| Owner | JP Morgan Chase |
| Height | |
| Roof | 153 metres (502 ft) |
| Technical details | |
| Floor count | 33 |
| Floor area | 97,546 m2 (1,049,980 sq ft) |
| Lifts/elevators | 29 |
| Design and construction | |
| Architect | Cesar Pelli & Associates |
| Developer | Canary Wharf Group |
| Structural engineer | Yolles Partnership |
| Main contractor | Canary Wharf Contractors |
25 Bank Street is a tall office building in Canary Wharf, a busy business area in London. It is currently the main European office for the big investment bank, JPMorgan Chase.
This building was planned and built between 2001 and 2003 by the Canary Wharf Group. It was one of five new buildings in the Heron Quays area. The famous architects Cesar Pelli & Associates Architects designed it, and Canary Wharf Contractors built it.
Before it was built, another company called Enron was supposed to move in. But those plans changed in 2001. From 2004, 25 Bank Street became the European headquarters for Lehman Brothers. This lasted until the bank faced big problems in September 2008.
Contents
Building History
How 25 Bank Street Was Built
Building 25 Bank Street took 32 months. The area where it was built was tricky because water surrounded it on three sides. Part of the fourth side was also in a former dock.
To solve this, workers built a special wall called a coffer dam in the dock. This allowed them to pump out the water. Then, they built a road on top of the dam so construction trucks could reach the site.
To reduce traffic on the roads, many materials came by river. Large amounts of sand, gravel, and steel were delivered by barges. They even had a concrete mixing plant on a barge in the dock! Once the building was finished, the coffer dam was removed, and the extra dirt was taken away by barges.
The building's main concrete core was built using a new system called PERI ACS. This was the first time this system was used in the UK. It helped workers build different parts of the core at the same time, making the process faster.
Part of the building, called the West Podium, sits 30 meters above the Docklands Light Railway (DLR) tracks. This includes the Heron Quays station. To keep the DLR running safely during construction, a strong concrete slab was put above the railway. This slab supported the upper floors and also served as a work area for builders.
The building reached its full height on November 8, 2002. Important people like George Iacobescu from Canary Wharf Group and Jeremy Isaacs from Lehman Brothers signed the last steel beam before it was lifted into place. At that time, 25 Bank Street was London's 6th tallest skyscraper.
Special lights were added to the very top of the building. These lights use 5,472 LED lights to make the crown of the building glow between its inner and outer glass walls.
Who Used the Building?
Lehman Brothers' Time in the Building
From 2004, 25 Bank Street was the main office for Lehman Brothers in Europe. The building officially opened on April 5, 2004. Gordon Brown, who was the UK's finance minister (Chancellor of the Exchequer) at the time, attended the opening ceremony.
The building was designed to have many useful areas. It included a TV studio, meeting rooms, and a large auditorium on the first floor. There was a huge data center on the second floor. Floors 3 to 6 were set up as trading floors where people bought and sold stocks. The 7th floor had a gym and a staff restaurant. The 30th and 31st floors were for the company's top executives. The other floors were used as offices.
The staff restaurant on the 7th floor was a popular spot. It also provided food for special company events held in the building.
Lehman Brothers After Its Problems
When Lehman Brothers Faced Trouble
The money for Lehman Brothers' European offices was managed by the main company in New York. In September 2008, the main company faced serious financial problems. On September 14, 2008, the directors of the European office were told that the New York company could no longer make payments for them.
Because of this, on September 15, 2008, the UK-based Lehman companies asked for special legal protection under UK law. This was granted early that morning.
What Happened to 25 Bank Street Next
A company called PricewaterhouseCoopers was put in charge of managing Lehman Brothers' UK business. They also took over running 25 Bank Street. They sold parts of Lehman's business to another company called Nomura International plc.
Nomura International then rented a large part of 25 Bank Street from the administrators. They rented even more space in 2010. Other companies also rented space, including the Financial Services Authority.
By March 2010, Lehman Brothers (under administration) had completely moved out of 25 Bank Street. They moved to a new building nearby at 25 Canada Square. This move saved them a lot of money each year.
J.P. Morgan Moves In
On December 20, 2010, J.P. Morgan announced that they would buy 25 Bank Street. They planned to make it their new European headquarters for their Investment Bank in 2012. The building cost £495 million. This purchase was part of J.P. Morgan's plans to expand their offices in London.
The building's postcode also changed when J.P. Morgan moved in. It went from E14 5LE to E14 5JP.
See also
In Spanish: 25 Bank Street para niños
Images for kids
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25 Bank Street
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Ceremonial plaque from the opening of 25 Bank Street in 2004. Later, in 2010, this would be auctioned by the Lehman administrators for £28,750
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Level 31 at 25 Bank Street was used by Lehman Brothers as a client reception area; it contained meeting rooms and hospitality suites featuring fine art and furnishings.
