The new headquarters will accommodate 15K employees, replacing the current facility which was designed for 3.5K employees back in the 1950s.
JPMorgan Chase CEO Jamie Dimon said by constructing the 2.5-million square feet space in Midtown Manhattan, the bank is "recommitting ourselves to New York City while ensuring that we operate in a highly efficient and world-class environment for the 21st century". Dimon and New York City Mayor Bill de Blasio made the announcement on Wednesday morning. "We look forward to working with JPMorgan Chase as it doubles-down on NY as its global home".
A design team for the new building has not yet been announced, but the city anticipates that construction will begin in 2019, with the whole thing expected to take five years to complete.
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Next year, JPMorgan Chase will start building a larger, more modern headquarters in New York City that will house 15,000 employees.
During the work, JPMorgan employees will move to four buildings the bank already owns or leases in the Park Avenue vicinity, a spokesman said.
The new building will stand around 1,200 feet tall, compared to the existing 52-story, 700-foot tower, the New York Times reported. Under the rezoning, JPMorgan must purchase development rights for nearby buildings and help improve streets, pedestrian plazas and transportation.