(Yicai Global) Jan. 10 -- Leading world financial services firm J.P. Morgan is set to take up quarters in China's tallest and the world's second-highest building, the Shanghai Tower, the complex's management announced in a press release today.
"Our move to Shanghai Tower enables J.P. Morgan to consolidate all our Shanghai-based employees into one excellent location, providing us with a new, high-performance working environment," said Mark Leung, chief executive of J.P. Morgan, China.
"China represents one of the largest opportunities in the world for many of our clients and for J.P. Morgan," Leung stated, adding, "We are committed to bringing the full force of the firm and our resources to China, and one of our priorities is to ensure we have best-in-class infrastructure and facilities to better meet our clients' evolving needs as well as those of our business and employees."
The New York-based multinational investment and financial services firm -- the US' largest bank and the world's sixth-largest -- will occupy more than 10,000 square meters within the skyscraper, a J.P. Morgan China source told Yicai Global, adding further specifics as to the deal will be forthcoming later.
"With the policy of opening the financial sector to foreigners in Shanghai, we believe that J.P. Morgan's business in China will usher in a new round of development. The Shanghai Center will also introduce more outstanding foreign financial firm tenants," said Gu Jianping, general manager of Shanghai Tower Construction & Development which operates the skyscraper.
The tower, which rises from the city's iconic Lujiazui Financial District, stands 632 meters tall, per the announcement, second in height in the world only to Dubai's Burj Khalifa at 828 meters, public information shows.
The structure has won recognition from both China and the US for having the most environmentally-friendly design of any building over 400 meters in height, per the announcement.