JPMorgan Chase to develop new headquarters in New York

WCN Editorial Team 23 Feb 2018 NORTH AMERICA BUSINESS

New York City Mayor Bill de Blasio and JPMorgan Chase have announced that the firm will develop a new headquarters at its 270 Park Avenue location in New York City.

Located in Midtown Manhattan, the new 2.5 million ft2 building would be the first major project under the City’s East Midtown Rezoning plan, which was passed in 2017.

Pursuant to the East Midtown rezoning, JPMorgan Chase will acquire development rights from landmarks in the surrounding district to construct a larger building.

Any such transactions in the new East Midtown sub district require the seller of the air rights to pay the City a minimum contribution of $61.49 per ft2.

Upon completion of the energy efficient office tower, JPMorgan Chase would consolidate its global headquarters from a variety of locations into a fully LEED-certified office tower in Midtown Manhattan.

The new facility would accommodate nearly 15,000 employees, replacing an old building designed in the late 1950s for about 3,500 employees.

Once the project secures necessary approvals, redevelopment and construction are expected to commence in 2019 and take about five years to complete.

The project would create more than 8,000 jobs during the construction period.

JPMorgan Chase chairman and CEO Jamie Dimon said: “With a new headquarters at 270 Park Avenue, we are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century.

“We look forward to working constructively and collaboratively with Mayor Bill de Blasio, Governor Andrew Cuomo, Deputy Mayor Alicia Glen, and other key City and State officials on this important project.”

Mayor Bill de Blasio said: “This is our plan for East Midtown in action. Good jobs, modern buildings and concrete investments that will make East Midtown stronger for the hundreds of thousands of New Yorkers who work here. We look forward to working with JPMorgan Chase as it doubles-down on New York as its international home.”

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