JPMorgan Plans New Three Million Square Foot Headquarters in Canary Wharf

JPMorganChase has announced plans for a new three-million-square-foot headquarters tower at the Riverside site in Canary Wharf, marking what is expected to be the firm’s most significant development in the UK. The project will serve as its principal base in the country and its largest presence across Europe, the Middle East and Asia. The new tower is part of a long-term campus strategy and reflects the firm’s intent to bring more of its UK workforce together across fewer locations.

The firm confirmed that the development will move forward once required approvals are in place. The tower will be co-developed with Canary Wharf Group and designed by Foster and Partners, the same firm behind JPMorgan’s global headquarters in New York City. Construction is expected to take six years, and the existing offices at 25 Bank Street will undergo interior upgrades during this period.

Scale of the Project

The new headquarters is planned to support up to 12,000 employees with a range of workplace, collaboration and trading spaces. According to the firm, the building will also include a mix of employee-focused facilities such as wellness areas, terraces, bicycle parking, nursing rooms, and on-site dining options. Public access will form part of the broader Riverside plan, including new parkland, improved dockside areas and updated pedestrian routes into Canary Wharf.

Independent analysis commissioned by the firm estimates that the combined construction and redevelopment work could contribute nearly £10 billion to the UK economy over the next six years and generate more than 7,800 jobs across construction and related industries. The study also noted JPMorgan’s ongoing economic presence in London, with nearly £7.5 billion contributed annually through its 13,000-strong local workforce and operations.

Office Consolidation Strategy

JPMorgan currently operates from multiple sites in London, including 25 Bank Street in Canary Wharf, 60 Victoria Embankment in the City and leased space at One Cabot Square. Once the new headquarters is complete, employees will consolidate into the Riverside tower and the 60 Victoria Embankment building. The firm will then assess future plans for 25 Bank Street after the transition is complete.

The new headquarters follows the firm’s recent announcement of further investment in its Bournemouth campus. It also comes alongside a planned expansion of its security and resiliency initiative into the UK. The initiative, first launched in the US, focuses on long-term financing and investment across sectors such as energy, advanced manufacturing and critical supply chains.

Long-Term Development History

The Riverside South site has been linked to a major JPMorgan development for more than a decade. The bank first purchased the 999-year leasehold interest in 2008 and prepared the site for a large office scheme, but plans were delayed due to shifting business needs during the global financial downturn. The original proposals included a 240-metre tower designed by Rogers Stirk Harbour & Partners. The bank later acquired the former Lehman Brothers building at 25 Bank Street, consolidating staff and postponing its Riverside project.

The new announcement revives the long-planned development and aligns it with current workspace needs. Canary Wharf Group remains involved through terms established in earlier agreements, including a pre-emption right and a retained development management role.

Recent market analysis indicates a rise in leasing activity across the Docklands Core market, with occupiers seeking larger and more flexible spaces. The area has recorded more than 500,000 square feet of new leases so far this year, marking its strongest performance since 2019.

The new headquarters project places JPMorgan among the largest active corporate developers in London’s office market, with the Riverside tower set to become the UK’s largest single office building once completed.

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