JP Morgan’s new Canary Wharf HQ would house 12,000 staff and be the biggest office building in London, for around £3bn
Designed by Foster + Partners, the new JP Morgan office tower is expected to surpass the Shard(306m) in height, although final designs are being kept under wraps until they are finalised.
Sitting on the Riverside South plot, which was formerly set for a 214m- tall RHSP development, the new ‘world-class workspace’ would serve as London and European headquarters for the global bank.
This is all depending on “a continuing positive business environment in the UK and the receipt of the necessary approvals and agreements at a national and local level.”
JP Morgan’s 25 Bank Street residence will be upgraded whilst the new HQ is developed
Upon completion, staff will be consolidated between the new HQ and 60 Victoria Embankment, with 25 Bank street subject to review at a later date.
The biggest office building in London will feature trading floors, roof terraces, wellness facilities, cafés, cycling infrastructure and upgraded public realm.
The height of the proposed tower is subject to speculation, as Canary Wharf building heights are capped to allow for safe flight paths towards London City Airport.
JP MorganChase estimated in a recent report that the combined building and refurbishment programme could pump £9.9bn into the UK economy and support more than 7,800 jobs across construction and the wider supply chain.
Construction would take an estimated six years
Canary Wharf Group would act as co-developer on the site- which already has foundations and basement levels established- and Sir George Iacobescu will advise JP Morgan.
JPMorganChase chairman and chief executive Jamie Dimon 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.”
Canary Wharf Group chief executive Shobi Khan commented that the development “marks a defining moment for Canary Wharf and underlines its position as the destination of choice for the world’s most ambitious and innovative companies.
“We continue to attract and retain the very best who are drawn to our vibrant community, unrivalled connectivity, and world-class amenities.”
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