Tuesday, 25 September, 2018

JPMorgan Chase to demolish New York City building, erect a new headquarters

Scott Eells  Bloomberg      

  
       Pedestrians pass the JP Morgan Chase & Co. headquarters in New Yor Scott Eells Bloomberg Pedestrians pass the JP Morgan Chase & Co. headquarters in New Yor
Nellie Chapman | 22 February, 2018, 10:17

The bank plans to tear down its 50-story building on Park Avenue in NY and replace it with a 70-plus-story skyscraper at the same address.

The new 2.5 million-square-foot tower at the bank's current headquarters at 270 Park Avenue is subject to various approvals, New York City Mayor Bill de Blasio and Jamie Dimon, JPMorgan's chairman and chief executive, said in a joint statement.

The new space will have room for over 15,000 employees.

The building will be the first major project under New York's "Midtown East Rezoning plan", which was passed in 2017.

"This is our plan for East Midtown in action", De Blasio said in a statement.

The current headquarters on Manhattan's Park Avenue was built in 1950 and was designed only to house 3,500 employees.

Most employees now located at 270 Park Avenue would be relocated nearby during the five-year construction period, which is expected to start in 2019.

The new building will stand around 1,200 feet tall, compared to the existing 52-story, 700-foot tower, the New York Times reported. "We look forward to working with JPMorgan Chase as it doubles-down on NY as its worldwide home". Proceeds from the sale of those rights will help the city fund upgrades to local subway stations and improvements to the neighborhood's streets and public areas.