JPMorgan Chase & Co., the biggest U.S. bank, plans to build a headquarters in midtown Manhattan that would consolidate other offices into a new office building for 15,000 employees on Park Avenue.
The 2.5 million-square-foot (232,000-square-meter) building would be the first major project under New York City’s Midtown East rezoning plan, which encourages new office construction in the area, the bank said Wednesday in a statement.
“We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century,” Chief Executive Officer Jamie Dimon said in the statement.
The bank’s current headquarters at the same site, at 270 Park Ave., is an “outdated facility designed in the late 1950s for about 3,500 employees,” JPMorgan said in the statement. It plans to purchase development rights from landmarks in the surrounding district in order to build a larger structure. Construction, which is set to begin next year, will create more than 8,000 jobs during the building period, JPMorgan said.
Most employees will be relocated nearby while the work is completed, according to the statement.
This article was provided by Bloomberg News.