JPMorgan Chase to Build New Midtown NYC Headquarters
February 21 2018 - 8:13AM
Dow Jones News
By Cara Lombardo
JPMorgan Chase & Co. plans to consolidate its global
headquarters and build a new 2.5 million square-foot headquarters
at 270 Park Ave. in New York City.
The new building would replace the company's current
headquarters at the same address. The new building would house
15,000 employees. The current facility was designed in the late
1950s for about 3,500 employees, the company said Wednesday.
JPMorgan expects the project, slated to begin in 2019, to create
8,000 construction-related jobs during the five-year redevelopment
and building period. Employees who work in the current building
will be relocated nearby during construction, the company said.
The project would be the first major project under the city's
rezoning plan for Midtown East, which was passed in 2017 and is
meant to spur investment in the Manhattan neighborhood, where the
average age of office buildings is more than 70 years old.
Mayor Bill de Blasio, who announced the plans in conjunction
with the bank, said in prepared remarks that good jobs, modern
building and concrete improvements will make the area "stronger for
the hundreds of thousands of New Yorkers who work here."
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
February 21, 2018 07:58 ET (12:58 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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