Forman's Fish Island, which is situated opposite the Olympic Stadium, has had plans approved to create a 8,000 capacity events space which can be tailored to corporate requirements.
The living room construction's floor is 6m off the ground, above 5,500sqm of hospitality space. There is also a sofa structure as tall as a four-storey building with more experiential space.
The 'cabinet' section of the sofa could become a nightclub for for up to 1,500 delegates. The venue has a 2am closing time.
A 30m x 17m screen can be used for live action, video games and Twitter feeds.
The plans were criticised by some local residents in a BBC video, with claims that the area would create noise and harsh light from the screen installation.
Owner of Forman's Fish Island Lance Forman said: "The Olympics is for everyone and it is especially about the regeneration of East London. With four billion viewers and 100,000 media, Fish Island is on the world's stage. We have been part of the heritage of East London since 1905 so are delighted that we can welcome the world."
Somerset added: "This is only a temporary structure, erected during the biggest peace time event ever. The screen will be facing the Park so will cause a minimum of distraction for residents. This is a global event, and the hours we keep have to reflect that."