JPMorgan unveils plans for its new headquarters and Dimon commits to New York

Bloomberg — JPMorgan Chase & Co. (JPM) unveiled plans for its new world headquarters, a 60-story skyscraper in midtown Manhattan that the bank says demonstrates its commitment to reviving New York City.

To encourage employees to support that resurgence, it’s offering plenty of amenities in the Park Avenue tower, such as yoga and cycling rooms, meditation spaces, abundant outdoor areas, and a state-of-the-art food hall, according to a statement on Thursday. These inducements could also help JPMorgan in another effort in which it is actively involved: Wall Street’s intense fight to retain talent.

The bank has also promoted its commitment to the environment, saying the new building will be the largest all-electric tower in the city, powered entirely by renewable energy from a state hydroelectric plant.

“This has been a real pleasure and a permanent thing for JPMorgan Chase,” Chief Executive Officer Jamie Dimon said at a ceremony held Thursday at the construction site to honor construction workers. “JPMorgan Chase has been in town for 200 years, and this is JPMorgan’s headquarters, in the best city in the world, in the best country in the world.”

The bank announced in 2018 plans to tear down its 52-story office tower at 270 Park Ave. in favor of a more modern skyscraper. The new 423-meter building will house up to 14,000 workers, compared to the approximately 3,500 for which the 1950s building was designed. It will have 2.5 times more outdoor space on the ground floor, with wider sidewalks at Park and Madison avenues. A public square will be built in Madison.

The project, the first under the 2017 rezoning of New York’s Midtown East, it began more than two years ago and will be finished by the end of 2025.

The announcement comes at a time when employees have been slow to return to their offices following pandemic closures. The The supply of vacant offices in Manhattan has soared to record highs, as businesses reassess their real estate needs in the era of hybrid working. Concerns about security in the city and its transportation system have also increased this week in the wake of a subway attack that left dozens injured, many with gunshot wounds.

However, major financial companies have been at the forefront of reinstating employees. JPMorgan was the first major US bank to order its US staff back into the office last year.

Dimon emphasized the safety and sustainability of the building at the event, where he was joined by Governor Kathy Hochul and other politicians and local officials involved in the project. María Torres-Springer, the city’s deputy mayor for economic and labor development, referred to the subway attack.

“In the face of the tragic events of this week, investment and resilience have always been New York’s signature and today we are showing it,” said Torres-Springer.

The project will contribute 8,000 jobs and US$2.6 billion annually to the city and US$3.6 billion to the statesaid David Arena, head of global real estate at the bank.

Designed by Foster + Partners, the building will use technology such as artificial intelligence, water storage and reuse systems, and automatic solar shades to function more efficiently.

“Something like this is going to give other investors something to think about, putting up other structures that look like this,” said Camilius Thompson, a 47-year-old welding foreman from Queens who works on the site. “I really think this is good for New York.”

— With the help of Hannah Levitt.

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