JPMorgan Chase is planning to build a new world headquarters on Park Avenue between 47th and 48th Streets in place of its existing one. The new 70-story building is expected to be 500 feet higher than the current one which stands at 52 stories. It is also expected to have an extra one million square feet of office space.
The banking giant is expected to start demolition early next year with a plan to open the new building five years later. JPMorgan is said to be negotiating leases at buildings nearby for the employees in the current headquarters.
The building would be the first skyscraper to be built under new zoning rules meant to boost the development of more modern buildings in the area. The bank is expected to generate over $40 million from unused development rights for public improvements in the area under the rezoning plan.
Although the building does not enjoy a landmark status, some preservationists are unhappy about the demolition plans.
Most Popular
Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO
Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on