It’s a season of change at JPMorgan Chase. The big bank recently committed to investing $20 billion in new branches and new hires following tax reform legislation. Now, the company announced plans to build a brand new, state-of-the-art headquarters in midtown Manhattan.
On Wednesday, JPMorgan Chase announced it will be building a new, 2.5 million square-foot, 70-story HQ at its 270 Park Avenue location, replacing the current 52-story building, which houses 15,000 of the bank’s employees.
Following approvals for the project, redevelopment and construction are expected to begin in 2019 and take approximately five years to complete. The bank explained that most employees currently located at 270 Park Avenue would be relocated nearby during the development period.
“At JPMorgan Chase, we believe that investing for the long-term is a hallmark of our success,” Chairman and CEO Jamie Dimon said in a statement. “With a new headquarters at 270 Park Avenue, 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.”
Under the East Midtown rezoning, JPMorgan Chase will purchase development rights from landmarks in the surrounding district in order to build a larger building, the bank explained in a press release.
The bank said construction of the new facility is expected to create more than 8,000 construction-related jobs during the building period.
“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 New York City Mayor Bill de Blasio.