JPMorgan Chase has plans to build a new 2.5 million-square-foot skyscraper at 270 Park Ave. in Midtown Manhattan, replacing the current 70-story building.
The development is part of the bank’s employee consolidation efforts, according to media outlets.
The new headquarters building would house about 15,000 employees.
The building would be the first major project under the City’s innovative Midtown East Rezoning plan, passed in 2017, that fosters modern office construction and improvements to the business district’s public realm and transportation. The project will be subject to various approvals, and the company will work closely with the New York City Council and state officials to complete the project in a manner that benefits all constituencies.
“This is our plan for East Midtown in action. Good jobs, modern buildings and concrete improvements 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,” said Mayor Bill de Blasio.
Under the East Midtown rezoning, JPMorgan Chase will purchase development rights from landmarks in the surrounding district in order to build a larger building. Any such transactions in the new East Midtown subdistrict require the seller of the air rights to pay the city a minimum contribution of $61.49 per square foot, providing funding for improvements to the neighborhood’s public realm, including shared streets, pedestrian plazas and thoroughfare upgrades.
Once the project’s approvals are granted, redevelopment and construction are expected to begin in 2019 and take approximately five years to complete. Most employees currently located at 270 Park Ave. would be relocated nearby during the development period.
With this headquarters commitment, JPMorgan Chase expects to remain one of the largest private employers in New York City. The company also employs thousands of others in additional NYC corporate locations and in approximately 350 bank branches. Regarding jobs related to the new project, the company intends to work closely with its Supplier Diversity team to encourage the participation of Minority and Women Owned Business Enterprises.