The Bank of Jamaica (BOJ) is broadening its operational footprint by relocating select back-office functions to a newly acquired property at 13 Hillcrest Avenue, Kingston. The 7.965-million USD ($1.25 billion) purchase was made from Charlemagne Holdings Limited, a subsidiary of Sygnus Real Estate Finance Limited (SRF). Confirmed on October 3, the transaction bolsters the BOJ’s resilience by adding an alternative base for critical support functions away from its main headquarters on Nethersole Place.
The Hillcrest property, formerly the French Embassy, currently hosts The Attorney-General’s Chambers, which will continue its lease until its relocation to ‘One Belmont’—SRF’s newly completed nine-story building on Belmont Avenue. Once vacant, the Hillcrest site will serve as a strategic secondary location for back-office operations, such as IT, human resources, and finance, minimizing risk from potential disruptions at the main headquarters.
This expansion aligns with the BOJ’s preparations for a significant transition in its regulatory responsibilities. With Jamaica set to adopt a “twin peaks” model by 2026, the BOJ will assume prudential oversight over the entire financial sector, covering institutions beyond traditional banks, including insurance and pension firms. As this transition unfolds, the BOJ’s workforce is expected to grow, requiring additional operational space and infrastructure to support its enhanced mandate.
