At three million sq ft, Docklands scheme is being hailed as largest office in London
US bank JP MorganChase has unveiled plans by Foster & Partners to design a new headquarters building at Canary Wharf which is being billed as the biggest office in London.
The firm said the tower will be sited at Canary Wharf’s Riverside development and will run across three million sq ft. It said 12,000 employees will be able to work there when it is completed.
The bank said it expected construction to take six years “and will begin as soon as necessary approvals and agreements are in place”. No height for the tower has been revealed yet and will only become clear once more solid design plans are firmed up, although Building understands the design is at an advanced stage. Fosters was behind JP Morgan’s new headquarters at 270 Park Avenue in New York which opened earlier this autumn.
Canary Wharf Group is working as co-developer on the project and the firm is being advised independently by Sir George Iacobescu, its former chairman and chief executive.
JP Morgan has two main offices in London – 25 Bank Street in Canary Wharf, where its commercial and investment bank operations are based, and 60 Victoria Embankment in the City, where its asset and wealth management business operates.
The firm said that once the new tower is completed, staff from both sites will move into it while it will also keep its office at 60 Victoria Embankment. But it said it will consider its options for 25 Bank Street, although upgrades to the address will be made while work on the new tower is taking place.
JP Morgan 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.”
Chancellor Rachel Reeves added the news was “a multi-billion pound vote of confidence in the UK economy and this government’s plans for growth” with JP Morgan estimating the plan will add £9.9bn to the UK economy over the next six years.
The news is a major tonic for the Docklands estate which in the past few years has seen several high-profile names announce they are moving out of the district, with law firm Clifford Chance due to move to Great Portland Estates’ 2 Aldermanbury Square project in 2028. The job is set to be finished by Bovis at the end of this year.
The headline move has been the decision of HSBC to leave its main London office at 8 Canada Square, also designed by Fosters, in 2027. But over the summer the bank said it was taking 11 floors of extra space in Canary Wharf because of a squeeze on space at its new headquarters at St Paul’s, signing a 15 year lease on 40 Bank Street which it will move into in 2027 – around the same time it moves into its new City office which has been built by Mace and is currently being fitted out by Overbury.
Speaking about JP Morgan’s move, Canary Wharf Group chief executive Shobi Khan said: “We are delighted that JPMorganChase has chosen Canary Wharf as the location for its new EMEA HQ. It 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. 2025 will be our best leasing year in over a decade. Canary Wharf has evolved into a district where commerce, culture and community thrive.”
Several major schemes are planned for the estate in the coming years with KPF drawing up plans to reimagine the HSBC tower while earlier this month Structure Tone was appointed to carry out fit out work at the Canary Wharf head office of Barclays in a deal worth £150m.
Other work in the pipeline at the estate is a major overhaul of Morgan Stanley’s site at 20 Bank Street where it has been for more than 20 years. Last year, the US investment bank agreed to stay at the office for another 14 years.
Overbury is also carrying out the refurbishment of Citigroup’s 42-storey tower at 25 Canada Square with the price set to hit £1bn by the time it is completed next year, making it the firm’s biggest ever project. The tower, designed by César Pelli & Associates, was completed in 2002.
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