JPMorgan Chase to Build New Midtown NYC Headquarters -- Update
21 Fevereiro 2018 - 11:17AM
Dow Jones News
By Cara Lombardo
JPMorgan Chase & Co. plans to build a new 2.5 million
square-foot headquarters at 270 Park Ave. in New York City, the
first major project under a city rezoning plan designed to
rejuvenate the building stock in one of its biggest job
centers.
The new building would replace the company's current
headquarters at the same address and consolidate offices featuring
workers in various locations, the company and city officials said
Wednesday. The new skyscraper is expected to house 15,000
employees. The current facility was designed in the late 1950s for
about 3,500 employees.
JPMorgan expects the project, slated to begin in 2019, to create
more than 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 is part of the city's rezoning plan for Midtown
East, which City Council approved in August and is meant to spur
investment in the Manhattan neighborhood, where the average age of
office buildings is more than 70 years old.
The rezoning plan covers about 78 Midtown blocks in an area that
includes Grand Central Terminal and provides a framework for
commercial-property owners to modernize towers. The plan opened up
the sale of unused development rights by owners of landmark
properties.
JPMorgan will buy development rights from landmarks in the
surrounding area to build the larger building. Under the city's
plan, owners selling development rights are required to contribute
to the city at least $61.49 a square foot of the air-rights sale
price, to a fund for public projects such as shared streets and
pedestrian plazas.
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." JPMorgan's
earliest predecessor, the Manhattan Co., was chartered in New York
City in 1799.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
February 21, 2018 09:02 ET (14:02 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
JP Morgan Chase (NYSE:JPM)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024
JP Morgan Chase (NYSE:JPM)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024