- Decision follows extensive efforts by the council to attract the multinational
- Development is predicted to bring thousands of jobs and £9.9bn in investment
- Tower Hamlets already provides the third largest economic output in the UK
Tower Hamlets Mayor Lutfur Rahman has welcomed JPMorganChase’s decision to build its new three-million sq ft office in London’s East End.
Tower Hamlets Council has been showcasing the borough to JP MorganChase in an effort to secure the major investment, as well as writing to the Chancellor of the Exchequer RT Hon Rachel Reeves, along with Secretary of States RT Hon Steve Reed MP and RT Hon Heidi Alexander MP.
Encouraging high rise development is one of the core parts of Tower Hamlets’ new Local Plan. Tower Hamlets is already the fastest growing and most densely populated place in the UK, and the council has ambitious plans to build a record number of new homes and office space by building upwards – a decision which aligns to JPMorganChase’s plans.
The borough is already crucial to UK PLC, providing the third largest economic output in the country with areas such as Canary Wharf, Spitalfields, Brick Lane, Victoria Park and part of Queen Elizabeth Olympic Park. Almost 300,000 people work in the borough which also has the lowest average age in London at just 30 years old.
Career pathways for young people is one of the reasons the council welcomes JPMorganChase’s decision. The development is expected to provide 7,800 jobs across construction and local industries. Once finished, the headquarters is expect to house up to 12,000 people. The council will work with JPMorganChase to ensure Tower Hamlets residents can take advantage of those opportunities and have career pathways in the sector.
Including the cost of construction, the project could contribute £9.9 billion over six years to the local economy.
Lutfur Rahman, Executive Mayor of the London Borough of Tower Hamlets, said:
“I am proud of the success of Canary Wharf which is creating investment and job opportunities for local residents and boosting the ecosystem around local businesses. This announcement from JP Morgan Chase is fantastic and welcome news for the long-term prosperity of our borough. We are excited by the opportunity that this investment can bring including the creation of a new world class park on the river Thames and the shared space for our community, Londoners and visitors to our city to enjoy.
“When I was Mayor of Tower Hamlets in 2010, we worked with the Government of the day to attract JP MorganChase to build on the very same site. It did not happen in the end, so as soon as we heard they were looking again, we did everything we could to encourage them to come to Canary Wharf.”
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.
JPMorganChase has said that the building itself will provide exceptional collaboration spaces, and state of the art trading floors. It will support employees’ physical and emotional well-being with facilities including: terraces and roof-tops, wellness spaces, nursing rooms, restaurants and cafés, and ample bicycle parking spaces.
Steve Halsey, Chief Executive of London Borough of Tower Hamlets, said:
“This is a major coup for Tower Hamlets and UK PLC. While we have some of the most ambitious housing targets in the country for our residents, we also look outwards to secure international investment into our borough and in turn London and the UK as a whole.
“Our message is clear. Tower Hamlets is open for business and our new Local Plan supports investment and development in what is already one of the most popular places to live, visit and work in the country.”
JPMorganChase plans are subject to a continuing positive business environment in the UK and the receipt of the necessary approvals and agreements at a national and local level including planning permission.
Posted on Thursday 27th November 2025