JP Morgan is in advanced talks with Berkley to sell their riverside plot of land. In November 2008, JP Morgan purchased from the Canary Wharf Group a large riverside plot of land for £237 million with the idea to develop a £1.5 billion office scheme. JP Morgan saw the site as a perfect opportunity to consolidate their existing 2 million sq. ft. presence into one scheme housed on the riverside of the docklands. This unfortunately was before the global economic downturn which has meant the scheme has had to be shelved.