JPMorgan Chase's New HQ Is 60 Stories, Cost $3B

JPMorgan Chase unveiled its new 60-story headquarters to the public on Monday, one of the first major office buildings to be constructed after the pandemic and one that will remake the New York City skyline for decades. The bronze and steel tower at 270 Park, which reportedly cost $3 billion, replaced the Union Carbide Building, which sat on a full city block between 47th and 48th Street and Park Avenue and Madison Avenue for nearly 60 years. JPMorgan expects to house roughly 10,000 of its 24,000 New York-based employees in the new building, reports the AP, with some employees starting their first workday at the tower at the same time as the company holds its ribbon cutting ceremony.

"For 225 years, JPMorgan Chase has always been deeply rooted in New York City. The opening of our new global headquarters is not only a significant investment in New York, but also testament to our commitment to our clients and employees worldwide," said Jamie Dimon, CEO and chairman of JPMorgan. The completion of the new 270 Park is a major accomplishment for Dimon, who has been one of loudest voices calling for employees to report to an office for work. The building was designed before the pandemic made remote work more common. The bank held meetings to consider halting work on the building to either redesign it or scale it back, but Dimon was insistent that work should continue.

At 1,388 feet, the new building designed by famed architect Norman Foster, is taller than the Empire State Building's roofline and is now the fourth-largest building in Manhattan. It contains 2.5 million square feet and a block's worth of public space. The bank will house its trading operations in the building across eight floors, and has contracted out several food and coffee vendors to create a city-within-a-building concept. With 270 Park finished, the bank says it will now start a renovation of 383 Madison, the former headquarters of Bear Stearns. Dimon said the bank has purchased a few other adjacent properties near 270 Park to centralize its operations around its new headquarters for the long term.