JP Morgan Plans $4bn Office Tower in London

JP MorganChase is planning a new Canary Wharf headquarters that will be London’s largest office building, spanning 3 million square feet and housing up to 12,000 employees.

The bank plans to develop the $4 billion scheme on a riverside plot at Riverside South, a site it acquired in 2008 but placed on hold following the global financial crisis.

The tower has been designed by Foster + Partners and reflects the firm’s approach to the bank’s recently completed global headquarters on Park Avenue in New York. 

Executives say the design will not be released until plans are fully refined.

Although the project is widely expected to challenge the Shard’s height, any final figure remains subject to aviation limits around London City Airport. 

Meanwhile, much of the substructure is already in place, with basement levels and foundations completed before the scheme was paused.

This is expected to speed up construction if the project moves ahead.

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The building phase is expected to span six years, with Canary Wharf Group working alongside the bank and Sir George Iacobescu advising.

As the new tower advances, the bank will modernise 25 Bank Street, with the combined projects expected to add $13.2 billion to the UK economy and support over 7,800 jobs.

The plans have been welcomed across the government. The Chancellor has hailed the proposal as a major vote of confidence in national growth ambitions, while the Mayor of London has described the move as evidence of the capital’s enduring financial strength.

Early details indicate the tower will include trading floors, terraces, cafés, wellness spaces, cycling facilities and improvements to the surrounding public realm. 

It comes as the bank expands its presence elsewhere, having committed up to $465 million to the growth of its Bournemouth campus.

Jamie Dimon, Chairman and CEO of JPMorganChase, said: “London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy. 

“This building will represent our lasting commitment to the city, the UK, our clients and our people. The UK government’s priority of economic growth has been a critical factor in helping us make this decision.”

The bank will also introduce its Security & Resiliency Initiative in the UK, part of a global 10 year programme worth $1.5 trillion focused on defence, energy, critical minerals and advanced manufacturing. 

Once the tower is complete, teams will be split between the new HQ and 60 Victoria Embankment, with the future of 25 Bank Street to be reviewed.

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