A shiny new skyscraper could soon be joining London’s legendary line-up of big old buildings. The new sky-high structure in question will serve as the London headquarters of the global financial firm, JPMorgan Chase – and if all goes to plan, the building will become the tallest in Canary Wharf (and one of the tallest in the entirety of Europe, for that matter).
The banking bigwigs announced the plans for their huge new HQ back in November, but had to consult with London City Airport before an official planning permission application could be submitted. The new skyscraper would be perched just 4 miles from London City Airport – and due to the aviation hub’s steep approach, there are strict height limits on surrounding buildings. JPMorgan Chase and London City Airport have been in talks over the past few months, and an agreement has finally been made between them.
A 265-metre structure has been given the green light by the airport, meaning that the banking giants alongside Foster + Partners (the architectural aficionados who are designing the building) can apply for planning permission soon. The 3 million square-foot building is set to cost a rather gasp-inducing £3 billion in total. It will supposedly provide workspace for 12,000 employees, making it the biggest office block in Britain.
One Canada Square currently holds the title of Canary Wharf’s tallest building, but JPMorgan Chase’s new headquarters is set to tower around 30 metres above it. The new building on the block is expected to create around 8,000 construction jobs and add around £10 billion to the UK’s economy over the next 6 years.
Jamie Dimon, CEO at JPMorgan Chase, said in November: “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.”
