February 22, 2018
JPMorgan Chase plans to develop a new 70-story headquarters on New York’s Park Avenue, where its existing HQ now sits. The site at 270 Park Ave., between 47th and 48th Streets, is envisioned to house a tower that could rise as much as 500 feet higher than its current 52-story building and include more than one million square feet of additional office space.
The development would be the first high-rise under new zoning regulations for the area surrounding Grand Central Terminal. Those rules encourage development of taller, modern buildings, and are envisioned to maintain Midtown’s role as a top business district.
The bank is expected to start demolishing its building early next year, and hopes to move into its new home for 15,000 employees in five years. In the interim, Chase will reportedly lease space at nearby buildings, including 237, 245 and 277 Park Avenue, as well as 390 Madison Avenue.
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