JP Morgan reaches agreement with City airport for Canary Wharf’s tallest tower
)
Bank to submit planning application shortly, after securing deal on 265m-high London Docklands building
JP Morgan Chase has reached agreement with London City airport to build one of Europe’s tallest office towers in the east of the capital.
The £3bn tower is poised to be the tallest in the Canary Wharf financial district after JP Morgan, one of Wall Street’s biggest banks, secured approval from the airport.
JP Morgan revealed plans last November to build the Canary Wharf tower, which will serve as its new UK headquarters. The lender has since been in talks with airport officials over building height restrictions, given Canary Wharf’s location four miles west of City airport.
Any new developments and planning applications within 10km (6 miles) of the airport are considered to be within its “area of interest”, meaning its safeguarding officials need to be consulted to ensure new buildings in Docklands do not interfere with aircraft movements.
The two sides have agreed that the planned tower could be 265 metres tall, as first reported by the Financial Times. This means the new building would stand about 30 metres taller than One Canada Square, currently the tallest building in Canary Wharf and home to companies including Bank of NY Mellon and Spain’s BBVA across its 50 floors.
JP Morgan’s new London HQ is expected to span 279,000 sq metres (3 million sq ft) and will house more than half of its 23,000 UK staff.
Following the conclusion of talks with City airport, the Guardian understands that the bank is finalising the tower designs and will soon apply for planning permission.
One assessment of the tower construction has calculated that the project would add almost £10bn to the UK economy over six years and create about 7,800 construction-related jobs.
Source/Image Source: The Guardian
London Build is the UK's largest and leading construction show. Featuring 650+ Exhibitors, 900+ Speakers across 17 CPD Conference Stages, 45,000+ Registered Attendees, Networking Parties, Meet the Buyers, DJs, entertainment and so much more. Don’t miss out on free tickets.