JPMorgan Chase's current headquarters building at 270 Park Ave.
NEW YORK CITY—The New York City Council gave the green light for JPMorgan Chase's plans for new headquarters, a 1,400-foot high skyscraper at 270 Park Ave. It's the first site under the East Midtown rezoning passed in August 2017 that allows for taller, new buildings in exchange for public improvements including infrastructure funding.
In February 2018, the global investment bank and financial institution announced plans to demolish its current 1.5 million-square-foot structure at 270 Park and to rebuild a 2.5 million-square-foot office tower in its place.
City Council member Keith Powers led the talks for the city regarding the project. The council's website page for Powers states that as part of the development, JPMorgan contributed $42 million to a public improvements fund following its 2018 air rights purchase from Grand Central Terminal. This was required with the Midtown East rezoning.
JPMorgan Chase has stated the new building will have the capacity to house 15,000 employees. Powers' website states when the building opens it is expected to serve as the location of 14,000 jobs, as the area's largest employer. Construction is expected to begin in January 2021 and to create 6,000 union jobs. The bank anticipates the new headquarters will be completed in 2024.
This project signifies the start of a new phase for the Central Business District in Midtown East. The rezoning covers a 73-block area and contemplates larger buildings, open public space and upgrades to public transportation.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
