AECOM Tishman will work on JPMorgan Chase’s new headquarters, meaning the company will have an edge in snagging one of the most coveted construction gigs in Manhattan.
The company was tapped to do predevelopment work on the new, 70-story office tower that will span 2.5 million square feet, representatives for JPMorgan said. The bank plans to raze the existing 52-story building and begin construction on the new tower by 2019. While its new headquarters is being built, JPMorgan will temporarily relocate to L&L Holding Company’s 290 Madison Avenue, where they are leasing nearly 440,000 square feet.
Representatives for JPMorgan said Tishman inked a contract for pre-development work, but the overall contract has not yet been finalized. Taking on the initial construction work will likely give the company a leg up in securing the construction management contract.
The project is just a few blocks away from another of the construction company’s massive projects. Tishman is also construction manager at SL Green Realty’s One Vanderbilt, a 1.5-million-square-foot office tower near Grand Central Station. Both projects benefit from recent zoning changes to the district.
JPMorgan’s development will be the first to take advantage of the district-wide rezoning of Midtown East, which was approved last year and is expected to add some 6.5 million square feet of new office space to the area. So far, JPMorgan has purchased nearly 800,000 square feet of air rights from neighboring landmarks — Grand Central and St. Bartholomew’s Church — to build out its new headquarters.
SL Green committed to paying for $220 million worth of public infrastructure improvements in order to build a larger tower in the district. The city approved a five-block rezoning of the “Vanderbilt Corridor” back in 2015.
In last year’s ranking of the city’s top general contractor’s, Tishman took the top spot for companies hired to do new building construction.
Correction: An earlier version of this story incorrectly described Tishman’s role in the project, based on descriptions from Tishman representatives.