(Bloomberg) — JPMorgan Chase & Co. unveiled plans for its new global headquarters — a 60-story skyscraper in midtown Manhattan that, according to the bank, demonstrates its commitment to New York City’s revival.
To encourage employees to back that revival, it’s offering lots of amenities at the Park Avenue tower, including yoga and cycling rooms, meditation spaces, an abundance of outdoor areas and a state-of-the-art food hall, according to a statement Thursday. Such enticements could also help JPMorgan with another effort it’s actively engaged in: Wall Street’s intense fight to retain talent.
The bank also touted its commitment to the environment, saying the new building will be the city’s largest all-electric tower, fully powered by renewable energy from an in-state hydroelectric plant.
“This has been a real pleasure and a permanent thing for JPMorgan Chase,” Chief Executive Officer Jamie Dimon said at an event held at the site Thursday to honor the construction workers. “JPMorgan Chase has been in the city for 200 years, and this is the headquarters of JPMorgan, in the best city in the world, in the best country in the world.”
The bank announced plans in 2018 to tear down its 52-story office tower at 270 Park Ave. in favor of a more modern skyscraper. The new 1,388-foot (423-meter) building will house as many as 14,000 workers, up from roughly 3,500 that the 1950s-era property was designed to hold. It will have 2.5 times more outdoor space on the ground level, with wider sidewalks on Park and Madison avenues. A public plaza will be constructed on Madison.
The project, the first under New York’s 2017 rezoning of the Midtown East area, started more than two years ago and will be completed by the end of 2025.
The announcement comes at a time when employees have been slow to return to their offices after pandemic lockdowns. Manhattan’s supply of empty office space has soared to record levels as companies re-evaluate their real estate needs in the hybrid-work era. Concerns over safety in the city and its transit system have also risen to the fore this week in the wake of a subway attack that left dozens injured, including many with gunshot wounds.
Still, major finance firms have been at the forefront of bringing employees back. JPMorgan was the first major U.S. bank to mandate a return to office for its U.S. workforce last year.
Read more: Wall Street Brings Bankers Back to Offices Remade for Hybrid Era
Dimon emphasized the safety and sustainability of the building at the event, where he was joined by Governor Kathy Hochul and other local politicians and officials involved with the project. Maria Torres-Springer, the city’s deputy mayor of economic and workforce development, addressed the subway attack.
“Given the tragic events of this week, investment and resilience have always been the signature of New York and we are proving that today,” Torres-Springer said.
The project will contribute 8,000 jobs and $2.6 billion annually to the city and $3.6 billion to the state, said David Arena, the bank’s head of global real estate.
Designed by Foster + Partners, the building will use technology such as artificial intelligence, water storage and reuse systems and automatic solar shades to operate more efficiently.
“Something like this is going to give other investors something to think about, put up other structures that look similar to this,” said Camilius Thompson, a 47-year-old welding foreman from Queens working at the site. “I really think this good for New York.”
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