JPMorganChase announced plans to build a new U.K. headquarters — a three million-square-feet tower at the Riverside development in Canary Wharf in London that will accommodate up to 12,000 employees. The plans are subject to a continuing positive business environment in the U.K. and the receipt of the necessary approvals and agreements at a national and local level.
JPMorganChase currently operates in London primarily from two main buildings that it owns: 25 Bank St. in Canary Wharf (for its Commercial & Investment Bank) and 60 Victoria Embankment in the City (for Asset & Wealth Management). It also leases space at One Cabot Square to accommodate its International Consumer Bank, including Chase UK. Once the Riverside development is complete, London-based employees will consolidate in the new building as well as the existing property at 60 Victoria Embankment, and the firm will consider its options for 25 Bank Street.
“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,” said Jamie Dimon, chairman and CEO of JPMorganChase. “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.”
Offering uninterrupted views across the River Thames to central London, the building is being designed by British architects, Foster + Partners, who also designed the firm’s headquarters at 270 Park Avenue in New York City. Its construction is expected to take six years and will begin as soon as necessary approvals and agreements are in place. Canary Wharf Group is working as co-developer on the project, and the firm is being advised independently by Canary Wharf Group Chairman George Iacobescu.
While the building is under construction, JPMorganChase will also make interim upgrades to the interior of its existing building at 25 Bank St. An independent study commissioned by the bank with a major consulting firm estimates that the combined project could contribute approximately £9.9 billion ($13 billion) to the UK economy over the next six years, creating more than 7,800 jobs across construction and other local industries.
In collaboration with Canary Wharf Group, plans include new public parkland surrounding the building, a redevelopment of the Canary Wharf dock and improved access to the Riverside area of Canary Wharf. The building itself will provide collaboration spaces, trading floors, terraces and roof-tops, wellness spaces, nursing rooms, restaurants and cafés and ample bicycle parking spaces.
“We are delighted that JPMorganChase has once again chosen Canary Wharf as their primary UK location,” said Shobi Khan, CEO of Canary Wharf Group. “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.”
