JPMorganChase has unveiled plans to build a new 3m sq ft headquarters at Canary Wharf.
The tower is being designed by Foster + Partners, which designed the firm’s iconic global headquarters at 270 Park Avenue in New York City.
Construction of the new HQ in the Riverside area of Canary Wharf is expected to take six years and will begin as soon as necessary approvals and agreements are in place.
Canary Wharf Group (CWG) is working as co-developer on the project and the firm is being advised independently by Sir George Iacobescu, former chairman and CEO of CWG.
JPMorganChase said the plans are “subject to a continuing positive business environment in the UK and the receipt of the necessary approvals and agreements at a national and local level”.
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.”
Shobi Khan, CEO of Canary Wharf Group, added: “We are delighted that JPMorganChase has once again chosen Canary Wharf as their primary UK location. The scale and ambition of this scheme – set to become the largest office building in London – demonstrates the continued momentum behind Canary Wharf’s evolution and JPMorganChase’s commitment to outstanding workplaces.”
In London, JPMorganChase currently operates primarily from two main buildings that it owns: 25 Bank Street in Canary Wharf (for its commercial and investment bank) and 60 Victoria Embankment in the City (for asset and wealth management). It also leases space at One Cabot Square to accommodate its international consumer nank, including Chase UK.
Once the Riverside development is complete, London-based employees will consolidate in the new building in addition to 60 Victoria Embankment. The firm will consider its options for 25 Bank Street.
