JPMorgan Chase is reportedly buying the U.S. headquarters for Bank of China at 410 Madison Avenue for more than $100 million.
The bank has already moved into the building, which stands seven stories tall and spans just over 58,000 square feet in Midtown East, according to Commercial Observer. Bank of China has already moved out, although the sale has yet to officially close.
The site includes 107,500 buildable square feet thanks to the Midtown East rezoning.
The bank’s decision to demolish the current 52-story tower and rebuild a new 70-story building on the site followed the rezoning of Midtown East. It will allow the company to consolidate employees that are currently scattered across different locations. [CO] – Eddie Small