Firm is one of New York’s largest employers and contributors to the local economy
- New building will house up to 14,000 employees
- Project creating 8,000 construction jobs across 40 local unions
- Deloitte study shows JPMorgan Chase contributes $29.8 billion annually to the city’s economy, stimulating an additional 40,000 jobs across local industries
New York City’s largest all-electric tower with net zero operational emissions will exceed the highest standards in sustainability
Foster + Partners-designed building will offer 2.5 times more ground-level outdoor space, featuring an expansive public plaza with street-level green spaces; will use healthy building principles to set new standards for employee wellness and hospitality
JPMorgan Chase today unveiled the design for its new state-of-the-art global headquarters at 270 Park Avenue, reinforcing its commitment to New York City. The 1,388-foot, 60-story skyscraper – designed by Foster + Partners – will be New York City’s largest all-electric tower with net zero operational emissions and exceptional indoor air quality that exceeds the highest standards in sustainability, health and wellness. It will help define the modern workplace with 21st century infrastructure, smart technology and 2.5 million square feet of flexible and collaborative space that can easily adapt to the future of work.
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270 Park Avenue will be New York City's largest all-electric building with net zero operational emissions. (Photo: Business Wire)
The project is the first under New York City’s innovative Midtown East Rezoning plan, which encourages modern office construction and improvements to the business district’s public realm and transportation. With this new headquarters commitment, JPMorgan Chase will remain one of New York’s largest employers and continue to make a significant impact on the local economy – helping small businesses and supporting additional job growth as the region recovers from the global pandemic. The firm is also making a significant investment to help improve the city’s infrastructure and transit system and working closely with the Metropolitan Transportation Authority. The project is expected to be completed by the end of 2025.
During the building period alone, the project will create more than 8,000 construction jobs from across 40 local unions – triggering additional economic activity of $2.6 billion for New York City and $3.6 billion for New York State overall. An independent study by Deloitte found that through JPMorgan Chase’s tens of thousands of local employees and operations, the firm contributes $29.8 billion in annual economic activity to New York City, stimulating an additional 40,000 jobs across several local industries. In New York State, the firm contributes a total of $39.8 billion annually to the state’s economy, stimulating an additional 61,000 jobs overall.
The new building will house up to 14,000 employees – replacing an outdated facility designed in the late 1950s for about 3,500 employees. It will offer 2.5 times more outdoor space on the ground level of Park and Madison Avenues, featuring wider sidewalks and a large public plaza on Madison Avenue with natural green space and other amenities geared toward the residents, workers and visitors who frequent the neighborhood on a daily basis.
The concept for the new design was to create a timeless addition to Park Avenue, which celebrates the city’s iconic architectural history and serves as a powerful new symbol for the next generation of office towers in New York. Using a state-of-the-art structural system to negotiate the site constraints below and at ground level, the innovative fan-column structure and triangular bracing allow the building to touch the ground lightly across the entire block. By lifting the building about 80 feet off the ground, it extends the viewpoint from the Park Avenue entrance through to Madison Avenue.
Sustainable design
270 Park will be New York City’s largest all-electric skyscraper with net zero operational emissions and will be 100% powered by renewable energy sourced from a New York State hydroelectric plant.
In addition to operating on net zero carbon emissions, the building will use state-of-the-art building technology and systems to ensure it operates as efficiently as possible, including:
- Intelligent building technology that uses sensors, AI and machine learning systems to predict, respond and adapt to energy needs.
- Advanced water storage and reuse systems to reduce water usage by more than 40%.
- Triple pane glazing on the façade and automatic solar shades connected to HVAC systems for greater energy efficiency.
- Outdoor terraces featuring natural green space and plantings.
The firm also recycled, reused or upcycled 97% of the building materials from the demolition – far exceeding the 75% requirement of the leading green building standard.
Defining the modern workplace with a flexible design focused on health, wellness and hospitality
JPMorgan Chase is partnering with experts, including Director of Harvard University’s Healthy Buildings program Dr. Joseph Allen, wellness expert Dr. Deepak Chopra, and Union Square Hospitality Group’s Danny Meyer to create a world-class wellness and hospitality experience for employees, clients and visitors by:
- Doubling the amount of outside, fresh air and continuously monitoring air quality to improve the overall health and well-being of employees.
- Using advanced HVAC filtration systems to continually clean outdoor air as it comes into the building, while simultaneously cleaning recirculated air.
- Designing 50% more communal spaces and 25% more volume of space per person – giving more choices in where and how to work. Flexible column-free floor plates will allow space to easily change layout and floor design, including inter-floor connections.
- Offering a state-of-the-art health and wellness center that will feature fitness areas, yoga/cycling rooms, physical therapy, medical services, modern mother’s rooms and prayer and meditation spaces.
- Designing a large and modern food hall featuring diverse food operators and healthy menus as well as a world-class conference center at the top of the 60-story tower offering unobstructed city views and dynamic events for clients and employees.
- Creating a touchless journey for employees and visitors with more than 50,000 connected devices that will make it the most connected, data-driven high-rise building in New York City.
- Bringing nature indoors through biophilic design, including wide use of natural plants and healthier furniture and building materials.
- Bringing in 30% more daylight than a typical developer-led, speculative office building and using circadian lighting to minimize the effects of electric light and support a healthier indoor environment.
Official statements
Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase: “With our new headquarters, JPMorgan Chase is making a long-term investment in our business and New York City’s future while ensuring that we operate in a highly efficient and world-class environment for the 21st century. We are extremely excited about the building’s state-of-the-art technology, health and wellness amenities, and public spaces, among many other features. It is in the best location in one of the world’s greatest cities.”
New York State Governor Kathy Hochul: “New York is unmatched in our visionary innovation, educated workforce and business-friendly climate, and I commend JPMorgan Chase for expanding their investment in Midtown and recommitting their future to our great state. JPMorgan Chase’s new state-of-the-art global headquarters will not only support thousands of working professionals to New York City, but also will create thousands of good paying, union construction jobs and further spur our state’s economic comeback. As we recover from the pandemic, we will continue to make transformative investments in our infrastructure and workforce so that when it comes to starting or growing your business, there’s no better place than in New York.”
New York City Mayor Eric Adams: “New York City’s central business districts were hit hard by the pandemic, and restoring their vibrance is an integral part of our blueprint for an equitable economic recovery. This investment by JPMorgan Chase not only reflects their commitment to keeping and growing good jobs in New York City, it will also catalyze additional investment and new office space throughout Midtown East. And by incorporating sustainable design into the building, they are helping our city prepare for and mitigate the impacts of climate change.”
Norman Foster, Founder and Executive Chairman of Foster + Partners: “270 Park Avenue is set to be a new landmark that responds to its historic location as well as the legacy of JPMorgan Chase in New York. The unique design rises to the challenge of respecting the rhythm and distinctive streetscape of Park Avenue, while accommodating the vital transport infrastructure of the city below. The result is an elegant solution where the architecture is the structure, and the structure is the architecture, embracing a new vision that will serve JPMorgan Chase now and well into the future.”
Joseph Allen, Associate Professor and Director of the Healthy Buildings program at the Harvard T.H. Chan School of Public Health, and CEO of 9 Foundations: “Designed with a health-first mindset in all aspects, this project proves you can have both excellent indoor air quality for occupants, while also addressing sustainability goals that improve the health of the community by reducing impacts on the planet. This building sets new standards of excellence for healthy building in New York City and around the world.”
Gary LaBarbera, President of the Building and Construction Trades Council of Greater New York: “With the global pandemic impacting our city and our world so dramatically during the last two difficult and painful years, I have never been so proud of the skilled workers of the NYC Building Trades Council who have come to work every day to make sure that major projects like 270 Park Avenue continue to get built and drive economic growth for our region. The men and women who have worked on the demolition and the construction at JPMorgan Chase’s site, and in the below grade East Side Access transportation hub, have demonstrated a level of commitment and determination that is commendable and inspiring, especially during the unprecedented COVID pandemic that continues to impact our country and nations around the world.”
New York City Council Member Keith Powers: “270 Park Avenue is a historic project – the first major development under the East Midtown rezoning plan. The JPMorgan Chase headquarters brings many good, well-paying jobs to the community, strong economic growth for the city, and important public improvements such as transportation upgrades and more. I thank all the relevant stakeholders involved in this effort and look forward to enjoying the new and improved amenities and public space on the East Side.”
MTA Chair and CEO Janno Lieber: “It was challenging to thread the foundation of the new headquarters through historic Grand Central Station and the new LIRR Terminal below it, but we couldn’t have a better partner than JPMorgan Chase. Putting top-tier companies and 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.”
Rob Speyer, Chief Executive Officer of Tishman Speyer: “Tishman Speyer is proud to act as the development partner for JPMorgan Chase’s future headquarters. This project will benefit JPMorgan Chase’s workforce, area commuters, visitors and city residents more broadly for decades. 270 Park Avenue will stand as a global model for the next generation of office buildings, serving as an engine for economic growth, fostering a healthy work environment, and prioritizing sustainability.”
Troy Rudd, Chief Executive Officer of AECOM: “With a proud history shaping New York City’s future, we applaud JPMorgan Chase’s commitment to New York City at this important moment and we are excited to be part of the team transforming Midtown. This project will continue to fuel New York’s recovery, creating thousands of jobs and generating millions in economic activity, and help the city reach its key sustainability goals.”
Vishaan Chakrabarti, Collaborating Architect and Founder, Practice for Architecture and Urbanism: “The new 270 Park will earn its place among Manhattan’s revered Jazz Age skyscrapers. It is a gift to our skyline and our streets, with a monumental axis connecting Park and Madison Avenues, gracious and enduring materials, generous public spaces and sidewalks, and robust connections to Grand Central Station. JPMorgan Chase’s new headquarters is a great example of New York’s resilience and rebirth.”
Official images and video
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About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $4.0 trillion in assets and $285.9 billion in stockholders’ equity as of March 31, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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Contacts
Media Contact:
Michael Fusco, 212-270-2495, michael.f.fusco@jpmchase.com
