270 Park Avenue

JPMorgan Plans 60-Story Global Headquarters in Midtown Manhattan

by Julia Sanders

NEW YORK CITY — JPMorgan has unveiled plans to build 270 Park Avenue, a 60-story skyscraper rising 1,388 feet in Midtown Manhattan, for the financial firm’s new global headquarters. Construction is scheduled for completion by the end of 2025.

270 Park Avenue replaces a previous building, which was designed in the late 1950s for about 3,500 employees. The new project will feature 2.5 million square feet of flexible and collaborative space. The asset will offer 2.5 times more outdoor space on the ground level of Park and Madison avenues, with wider sidewalks and a large public plaza. The office tower will also include a food hall, health and wellness center, communal spaces, HVAC filtration systems and a conference center.

The property will be fully powered by renewable energy sourced from a New York State hydroelectric plant and will operate on net zero carbon emissions. The asset will include technology to help it run efficiently, including intelligent building systems that use sensors, AI and machine learning systems to adapt to energy needs; advanced water storage and reuse systems to reduce water usage by more than 40 percent; and automatic solar shades connected to HVAC systems for greater energy efficiency.

JPMorgan is also recycling, reusing or upcycling 97 percent of the building materials from the demolition of the existing property.

“With our new headquarters, JPMorgan Chase is making a long-term investment in our business and New York City’s future while ensuring that we operate in a highly efficient and world-class environment for the 21st century,” says Jamie Dimon, chairman and chief executive officers of JPMorgan Chase. “We are extremely excited about the building’s state-of-the-art technology, health and wellness amenities, and public spaces, among many other features.”

The office tower project will also create more than 8,000 construction jobs and, at full completion will hold up to 14,000 employees.

“270 Park Avenue is a historic project — the first major development under the East Midtown rezoning plan. The JPMorgan Chase headquarters brings many good, well-paying jobs to the community, strong economic growth for the city and important public improvements such as transportation upgrades and more,” says Keith Powers, a New York City council member whose district includes Midtown.

Foster + Partners is the designer for the project.

— Julia Sanders

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