A deal has been struck which will see US investment bank JPMorgan Chase move into a brand new London office space.
The development in Canary Wharf will become the bank’s European headquarters and be built on a plot of land at Canary Wharf Riverside.
Planning permission has been given to erect the London office building which will house 1.9 million square feet of space – almost ten per cent of the Docklands financial district.
“It is a pretty significant commitment on the part of JPMorgan, both to London and to Canary Wharf,” John Garwood, company secretary of developers Canary Wharf Group told Reuters.
The building will take up to five years to complete and represents a positive move for the commercial property market which has been struggling under the weight of the financial crisis.
JPMorgan is the largest banking institution in the US by deposits and market capitalisation. It is also one of the oldest financial services companies in the world.