JPMorgan Chase, together with Mayor Bill de Blasio, announced that it will be building a new New York City headquarters at its current 270 Park Avenue location.
The build will be approximately 2.5mn square feet, becoming the first major project under the city's new Midtown East Rezoning plan that aims to upscale New York's modern construction improvements.
"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."
The new build will be significantly larger than the current one, increasing its capacity from 3,500 to 15,000 employees.
“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," said Mayor Bill de Blasio. "We look forward to working with JPMorgan Chase as it doubles-down on New York as its international home."
The construction of the building is expected to create over 8,000 jobs, with development expected to take five years to complete.