{"id":6408,"date":"2018-07-08T20:29:45","date_gmt":"2018-07-08T19:29:45","guid":{"rendered":"http:\/\/footprintsoflondon.com\/?p=6408"},"modified":"2018-07-08T20:29:45","modified_gmt":"2018-07-08T19:29:45","slug":"the-lunch-that-launched-canary-wharf","status":"publish","type":"post","link":"https:\/\/footprintsoflondon.com\/live\/2018\/07\/the-lunch-that-launched-canary-wharf\/","title":{"rendered":"The Lunch that Launched Canary Wharf"},"content":{"rendered":"

Tucked away in Cabot Square on the Isle of Dogs in Tower Hamlets is a memorial to the man whose brainwave during a lunch in the early 1980s spawned the transformation of the derelict ex-West India Docks into the world banking centre we call Canary Wharf.<\/span><\/p>\n

Michael von Clemm\u2019s contribution to London is mentioned in Andrew Parnell\u2019s<\/a> walk Shipbuilding to Banking: The Isle of Dogs\u2019 Story<\/em> and also in Rob Smith\u2019s<\/a> walk The Long Good Friday Revisited<\/em>, click their names above to find details on their respective walks pages.
\n<\/span><\/p>\n

\"\"<\/a><\/span><\/p>\n

Michael von Clemm was a colourful character who pursued an unusual combination of interests. Educated at Harvard in his native USA and later at Oxford in England, he became a leading investment banker \u2013 famed for extravagant expense claims and \u201cbullying\u201d clients to use his bank. Yet, perhaps surprisingly, he maintained an academic interest in anthropology throughout his career, holding a Professorship of Anthropology at Sussex University at the same time as senior positions with Credit Suisse First Boston bank (CSFB).<\/span><\/p>\n

The spark of the idea for Canary Wharf came out of a lunch meeting von Clemm had on a barge in the West India Dock in his capacity as a director of the Roux restaurant business, in which he had been one of the earliest investors. \"\"<\/a>The Roux brothers, credited with turning London into one of the world\u2019s best places to eat, were looking for a site for their food processing plant. Von Clemm was having lunch with Reg Ward, London Docklands Development Corporation (LDDC) Chief Executive, to consider one of the dockside sheds –<\/span> Shed 31 – for the restaurateurs\u2019 needs when it crossed his mind that there might be an even better use for it; for his bank\u2019s support operations (the \u201cback office\u201d). Ward recalled von Clemm suddenly leaning back and saying \u201cI don\u2019t know why we don\u2019t go for a shed like 31 as a 200,000 square feet back up office.\u201d<\/span><\/p>\n

That remark set off a chain of events that would change the face of the Isle of Dogs. When von Clemm presented his idea to CSFB\u2019s board, one of the other board members, property developer Gooch Ware \u201cG\u201d Travelstead from Kentucky \u2013 who had been conducting painful negotiations to acquire office space for the bank in the City of London \u2013 said they were asking themselves the wrong question: instead of asking whether they could convert Shed 31 as a back office, they should be asking \u201cCan we move our front office to the Isle of Dogs?\u201d In other words, was it a suitable location for the bank\u2019s main London operations, not just the support?<\/span><\/p>\n

\"\"<\/a>Travelstead went on to persuade the LDDC and the Government of Margaret Thatcher to locate a new financial district in the Isle of Dogs. He put together a consortium to build the project with banks CSFB and Morgan Stanley as prospective occupiers. When Travelstead\u2019s consortium collapsed through lack of funding it fell to Olympia and York to carry the torch and develop the first stage before they too hit financial problems. But ultimately the vision was realised and Canary Wharf is now home to more banking activity than many other leading European financial centres.<\/span><\/p>\n

Von Clemm\u2019s original thought was possibly prompted by his knowledge of Boston, where 18th<\/sup> century warehouses and been successfully converted into offices, shops, restaurants and living accommodation. Now the same has happened in London to docks that served the other end of the same transatlantic trade.<\/span><\/p>\n

Among his banking achievements, von Clemm is credited with major role in founding the Eurodollar market which was to be one of the drivers in bringing London to the forefront of international finance. To many Londoners, a more visible legacy is the cluster of towers dominating the skyline at Canary Wharf.<\/span><\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tucked away in Cabot Square on the Isle of Dogs in Tower Hamlets is a memorial to the man whose brainwave during a lunch in the early 1980s spawned the transformation of the derelict ex-West India Docks into the world banking centre we call Canary Wharf. Michael von Clemm\u2019s contribution to London is mentioned in…<\/p>\n","protected":false},"author":15,"featured_media":6413,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[44,24,329],"tags":[503,505,506,502,504],"class_list":["post-6408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-history","category-tower-hamlets","category-walks","tag-canary-wharf","tag-isle-of-dogs","tag-london-financial-history","tag-michael-von-clemm","tag-origin-of-canary-wharf"],"yoast_head":"\nThe 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