Mar 09, 2018 5:36 PM GMT
JPMorgan Chase to Demolish Its Midtown East Headquarters Next Year.
(NYT, Thu., Feb. 22, 2018 )
JPMorgan Chase announced on Wednesday that it will demolish its headquarters on Park Avenue between 47th and 48th Streets and build a new 70-story world headquarters on the site for its 15,000 employees. The new tower will soar as much as 500 feet higher than the existing 52—story headquarters on the west side of Park Avenue and contain an additional one million square feet of office space.
“With a new headquarters at 270 Park Ave.” the bank’s chairman and chief executive, Jamie Dimon, said in a statement, “we are recommitting ourselves to NYC while also ensuring that we operate in a highly efficient and world-class environment for the 21st century.”
Chase is expected to begin demolition of the building at 270 Park early next year; with the new tower set to open five years later. Employees will be relocated to 237, 245 and 277 Park Avenue and 390 Madison Avenue.
Chase has long been unhappy with its aging headquarters at 270 Pk. Built in 1961, it originally housed Union Carbide. The bank currently has about 6,000 employees crammed into the 52-story tower which was built for 3,500. (I do not know how many employees worked in the building when I worked there. We weren’t crammed. I moved there after 30 Rock. After 270 Park, we were off to 1211 6th, then 345 Park.)