JPMorgan plans new 70-story HQ building in New York City

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270 Park building
The existing building at 270 Park was designed by SOM and built in 1961.

JPMorgan Chase has announced plans to build a new headquarters building in New York City.

The banking and financial services giant wants to demolish its current 270 Park Ave. office tower and replace it with new 2.5 million sq. ft. building in Midtown Manhattan. It will be a fully LEED-certified, energy-efficient office tower.

In a statement, JPMorgan said that the new building will allow it to consolidate its global headquarters from a variety of locations. The new facility would house about 15,000 employees, replacing an outdated facility designed in the late 1950s for about 3,500 employees.

The new facility is expected to create more than 8,000 construction-related jobs during the building period, JPMorgan Chase said.

Once the project’s approvals are granted, redevelopment and construction are expected to begin in 2019. Construction could take around five years to complete.

“With a new headquarters at 270 Park Ave., 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, Gov. Andrew Cuomo, Deputy Mayor Alicia Glen, the New York City Council, and other key city and state officials on this important project,” JPMogan CEO Jamie Dimon said in a statement.

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