Saudi Press

Saudi Arabia and the world
Wednesday, Jul 02, 2025

Former Bear Stearns London HQ collapses into insolvency

Former Bear Stearns London HQ collapses into insolvency

The owner of 5 Churchill Place in Canary Wharf was in the process of seeing the site's management company forced to call in administrators.
The London building once occupied by Bear Stearns, one of the investment banking casualties of the 2008 banking crisis, has itself been forced to call in administrators.

Sky News understands that the Chinese owner of 5 Churchill Place in Canary Wharf was on Tuesday in the process of seeing the 319,000 square foot building crash into insolvency proceedings.

A real estate executive said that FTI Consulting, the restructuring firm, was expected to be appointed to oversee the administration of 5 Churchill Place Management Company Limited.

The 12-storey building was bought by Cheung Kei Group, a Chinese property developer, in 2017, for a reported £270m.

It was previously owned by a vehicle controlled by the businessman Wafic Said, and before that was owned by Canary Wharf Group, on whose estate the building sits.

The latest development is likely to spur further questions about commercial real estate values in the aftermath of the COVID-19 pandemic, and in particular about the prospects for Canary Wharf office blocks.

5 Churchill Place was occupied by Bear Stearns prior to its demise, and then by JP Morgan, which had acquired the remnants of Bear Stearns during the crisis of 15 years ago.

In March, Bloomberg News reported that Lloyds Banking Group was attempting to sell a loan secured against the Canary Wharf building.

One property insider said the objective of the process was that both the property manager and asset manager remained in place to ensure the smooth running of the site.

BNP Paribas is understood to hold the former role, with JLL holding the latter.

Nobody involved in the administration could be reached for comment.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
×