JPMorgan Chase CEO Dimon & NYC Mayor de Blasio Announce New, State-of-the-Art JPMorgan Chase Headquarters to Rise at 270 Park...
February 21 2018 - 7:00AM
Business Wire
Company Will Be First to Develop a Major
Project under the City’s Innovative Midtown East Rezoning
Company Will Collaborate Closely with Other
Key Government Officials, Including New York City Council and
Governor’s Office, to Quickly Move Process Forward
JPMorgan Chase (NYSE:JPM) and New York City Mayor Bill de Blasio
announced today that the company intends to pursue building a new
2.5 million square foot headquarters at its 270 Park Avenue
location in New York City. The building would be the first major
project under the City’s innovative Midtown East Rezoning plan,
passed in 2017, that fosters modern office construction and
improvements to the business district’s public realm and
transportation. The project will be subject to various approvals,
and the company will work closely with the New York City Council
and State officials to complete the project in a manner that
benefits all constituencies.
“At JPMorgan Chase, we believe that investing for the long-term
is a hallmark of our success,” said Jamie Dimon, Chairman and Chief
Executive Officer of the company. “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. We look forward to working
constructively and collaboratively with Mayor Bill de Blasio,
Governor Andrew Cuomo, Deputy Mayor Alicia Glen, the New York City
Council, and other key City and State officials on this important
project,” Dimon added.
“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 Mayor
Bill de Blasio.
New York State Governor Andrew Cuomo said: “New York State is
the business capital of the globe, and our investments in workforce
development and commercial enterprise have positioned us at the
forefront of innovation and growth. JPMorgan Chase’s commitment to
build their new, state-of-the-art corporate headquarters and
support thousands of jobs here in New York is proof that our
economic development strategies are successful, and I look forward
to working with them to keep New York State’s momentum moving
forward.”
Under the East Midtown rezoning, JPMorgan Chase will purchase
development rights from landmarks in the surrounding district in
order to build a larger building. Any such transactions in the new
East Midtown subdistrict require the seller of the air rights to
pay the City a minimum contribution of $61.49 per square foot,
providing funding for improvements to the neighborhood’s public
realm including shared streets, pedestrian plazas and thoroughfare
upgrades.
With the new, modern facility, which is expected to create over
8,000 construction-related jobs during the building period,
JPMorgan Chase would consolidate its global headquarters from a
variety of locations into a fully LEED-certified, energy-efficient
office tower in Midtown Manhattan. The headquarters project would
build on the firm’s strong legacy of investment in local
communities and the City of New York, its home since 1799.
The building’s modernized infrastructure and design, including
21st century systems and technology, would allow for improved
business adjacencies, synergies and collaboration. Clients,
shareholders and the surrounding community would benefit from this
innovative project, which would also support the firm’s commitment
to attracting and retaining best-in-class talent. The new building
would house about 15,000 employees, replacing an outdated facility
designed in the late 1950s for about 3,500 employees.
Once the project’s approvals are granted, redevelopment and
construction are expected to begin in 2019 and take approximately
five years to complete. Most employees currently located at 270
Park Avenue would be relocated nearby during the development
period.
With this headquarters commitment, JPMorgan Chase expects to
remain one of the largest private employers in New York City. The
company also employs thousands of others in additional NYC
Corporate locations and in approximately 350 bank branches.
Regarding jobs related to the new project, the company intends to
work closely with its Supplier Diversity team to encourage the
participation of Minority and Women Owned Business Enterprises
(MWBEs).
The project is not expected to have a material impact on the
company’s financial results.
“It was barely six months ago that we secured the East Midtown
rezoning into law, and building owners are already responding in a
major way. This is a true win-win-win. The City of New York retains
a major company and its employment base, the surrounding community
sees improvements in its public spaces, and JPMorgan Chase will
have a new headquarters that helps the firm compete for decades to
come,” said Deputy Mayor for Housing and Economic Development
Alicia Glen.
“This project would enhance JPMorgan Chase’s efficiency and
infrastructure, strengthen the newly rezoned East Midtown business
district, and will further solidify New York City’s leadership as a
global financial center,” said Manhattan Borough President Gale A.
Brewer. “I look forward to reviewing the details.”
Council Member Keith Powers, District 4, said, “The East Midtown
rezoning was the result of years of hard work by Community Boards 5
and 6, local stakeholders, and East Side public officials to
promote responsible development. Through this announcement,
JPMorgan Chase is making a significant investment in East Midtown
that will have a long-term impact on New York City. As Co-Chair of
the East Midtown Governing Group, I look forward to working
alongside stakeholders to review the project.”
JPMorgan Chase & Co. (NYSE:JPM) is a leading global
financial services firm with assets of $2.5 trillion and
operations worldwide. The Firm is a leader in investment banking,
financial services for consumers and small businesses, commercial
banking, financial transaction processing, and asset management. A
component of the Dow Jones Industrial Average, JPMorgan Chase &
Co. serves millions of customers in the United States and many of
the world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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JPMorgan ChaseInvestors:Jason Scott, 212-270-7325orMedia:Joseph
Evangelisti, 212-270-7438orMayor’s Press
Officepressoffice@cityhall.nyc.gov212-788-2958
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