JP Morgan Chase unveils its new Park Avenue headquarters tower - Sachse Construction
Topics: Construction, Office

JP Morgan Chase unveils its new Park Avenue headquarters tower

jp morgan chase new office

The coy colossus of Park Avenue — also known as JP Morgan Chase’s new headquarters tower — has finally come out of hiding.

The financial giant on Thursday unveiled the long-secret design of its new, 1,388-feet-tall cloudbuster, which it kept under wraps even after construction started two years ago.

The slowly-rising giant at 270 Park Avenue at East 49th Street, designed by Foster + Partners, boasts a series of classically-inspired setbacks on the Park and Madison sides, with each setback ornamented by a monumental steel diamond.

It will stand 500 feet taller than the bank’s old building and have room for 14,000 employees, compared with 3,500 at the original.

The full-block skyscraper will also have 2.5 times more ground-level public outdoor space than its predecessor.

Monumental triangular braces, now visible at the site, will lift the actual building 80 feet off the ground, creating a view corridor from the Park Avenue entrance through to Madison Avenue.

Completion is due by the end of 2025.

The project caps bank CEO Jamie Dimon’s long quest for a new Manhattan home, which scoured other locations on which to build from the Battery to Central Park. Tishman Speyer is the firm’s development partner.

Dimon praised the tower’s “state-of-the-art technology, health and wellness amenities and public spaces” at “the best location in one of the world’s greatest cities.”

The new 270 Park Ave. is the first project to exploit recent East Midtown rezoning, which allows much larger structures than were permitted previously.

In exchange for a size bonus, JP Morgan Chase contributed about $65 million in “public realm” improvements.

They included a large plaza on the Madison Avenue side and a new street entrance to the Grand Central underground passage.

The complex project required threading the foundation through Grand Central Terminal and the new LIRR terminal beneath.

MTA chairman Janno Lieber said, “Putting thousands of jobs next to the best mass transit is key to New York’s future and this project has been a model public-private partnership.”

Recommended Articles