JPMorgan Chase is set to build Canary Wharf’s tallest tower after reaching an agreement with London City Airport over height concerns, according to a report by the Financial Times.

The tower will stand at 265 metres, making it one of the tallest office buildings in Europe, people familiar with the matter told the Financial Times. The US-based bank first announced plans to build the tower in November, but did not announce its height due to ongoing discussions with the Airport.

Its new London headquarters will be built on its Riverside South site and contain over three million square metres of floor space. The new building will consolidate the bank’s three current sites in London.

London City Airport lies around three miles east of Canary Wharf, meaning that it must be consulted on new construction in the area. The airport already has one of the steepest descent angles of any commercial airport due to its proximity to the Wharf.

JPMorgan said it will invest around £3 billion in the UK economy to build the tower, and pointed to independent studies which estimate the project could contribute £9.9 billion to the UK economy over six years.

Other companies have made investments in the Canary Wharf area over the past year, following a decline in popularity after COVID-19. In December, Visa announced it is planning to move its headquarters to the Wharf from Paddington in 2028, and Deutsche Bank opted to lease around 250,000 square feet in the same month.

Even HSBC’s 8 Canada Square, currently the tallest tower in the district, may be able to take on new tenants soon after the bank leaves the office in 2027; the Financial Times reported at the end of March that asset management giant BlackRock viewed the building as a potential location for its new offices.

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