JPMorgan Chase revealed the long-awaited plans for its new headquarters at 270 Park Avenue — and it’s electric.
The financial giant unveiled the design of a 60-story, 1,388-foot-tall tower in Midtown East on Thursday. The building is being designed by Foster + Partners and will span 2.5 million square feet.
Tishman Speyer is serving as a development partner for the construction, which has already started and is expected to wrap up by the end of 2025. The building will be able to house up to 14,000 employees, just under half of the bank’s 25,000 employees.
JPMorgan’s announcement boasts the smart technology and “2.5 times more outdoor space on the ground level of Park and Madison Avenues” slated for the building. A large public plaza is set for development on Madison Avenue with natural green space.
One of the most notable plans for the building is its total reliance on hydroelectric power, which would make it the largest building in the city to be so. The building will have net zero operational emissions, pulling its energy from a hydroelectric plant. Other sustainability features include smart technology to adapt energy needs, green spaces and systems to reduce water usage by more than 40 percent.
As CEO Jamie Dimon wrote in a letter last year to shareholders, the building will have flexible floorplans to accommodate a variety of work arrangements.
A planned health and fitness center will include fitness areas, yoga/cycling rooms, physical therapy, medical services, mother’s rooms and meditation areas. There will also be a conference center at the top of the building, as well as a food hall.
Dimon appeared to bow to the work-from-home crowd in a recent shareholder letter, admitting “working from home will become more permanent in American business.” JPMorgan expects to have about half of its employees work in-person full-time, while approximately 40 percent will be able to embrace a hybrid work model, coming into the office a few days a week. The other 10 percent of employees will be able to work from home full time.
In the letter, Dimon also said it was “full steam ahead” for the headquarters, which came into further focus with Thursday’s announcement. In 2021, the company cut its commercial footprint in the city by 400,000 square feet, a year after downsizing by 300,000.
The tower at 270 Park is made possible by the Midtown East rezoning in 2017, which rezoned more than 70 blocks in the district to allow for a higher floor area ratio and upgrade the aging building stock in the district. JPMorgan Chase said this is the first project taking advantage of the rezoning.