JPM JP Morgan Chase and Co

By Cara Lombardo 

JPMorgan Chase & Co. plans to consolidate its global headquarters and build a new 2.5 million square-foot headquarters at 270 Park Ave. in New York City.

The new building would replace the company's current headquarters at the same address. The new building would house 15,000 employees. The current facility was designed in the late 1950s for about 3,500 employees, the company said Wednesday.

JPMorgan expects the project, slated to begin in 2019, to create 8,000 construction-related jobs during the five-year redevelopment and building period. Employees who work in the current building will be relocated nearby during construction, the company said.

The project would be the first major project under the city's rezoning plan for Midtown East, which was passed in 2017 and is meant to spur investment in the Manhattan neighborhood, where the average age of office buildings is more than 70 years old.

Mayor Bill de Blasio, who announced the plans in conjunction with the bank, said in prepared remarks that good jobs, modern building and concrete improvements will make the area "stronger for the hundreds of thousands of New Yorkers who work here."

Write to Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

February 21, 2018 07:58 ET (12:58 GMT)

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