JPMorgan Chase & Co. announced a major investment in New York City office space Thursday, with plans to build a 60-story building to be its global headquarters.
The tower will be New York City's largest all-electric skyscraper – at 1,388 feet – and will rely on a hydroelectric power source that will be 100% run by renewable energy.
The new tower will replace a 1950s building that held roughly 3,500 employees and will instead house 14,000 employees and offer more than twice the amount of outdoor space on the ground level, the bank said.
The newest addition to Park Avenue, designed by Foster + Partners, will not only supersede the city’s latest environmental requirements but will contribute to the city's job market by creating 8,000 construction jobs from across 40 local unions, first reported Business Wire.
The construction of the tower will contribute $2.6 billion for New York City’s economy along with a reported $3.6 billion for the state.
|JPM||JPMORGAN CHASE & CO.||122.28||+4.02||+3.40%|
|BAC||BANK OF AMERICA CORP.||36.03||+1.23||+3.53%|
|WFC||WELLS FARGO & CO.||43.74||+1.56||+3.70%|
As the nation’s largest bank, J.P. Morgan was found in a Deloitte study to contribute $29.8 billion annually to the city’s economy and assist in the stimulation of 40,000 jobs across several city-based industries.
The bank contributes a whopping $39.8 billion annually to the state’s economy and contributes another 61,000 jobs, reported media company.
New York leaders championed the project and New York City Mayor Eric Adams said it will "catalyze additional investment" that will focus on the economy and the environment.
"New York City’s central business districts were hit hard by the pandemic, and restoring their vibrance is an integral part of our blueprint for an equitable economic recovery," he said. "And by incorporating sustainable design into the building, they are helping our city prepare for and mitigate the impacts of climate change."
The building’s design is also expected to focus on health and well-being by incorporating advanced air systems that will double the amount of clean airflow pumped in from the outside.
A smart system will also be utilized to provide a "touchless journey" for employees and visitors that will make it the "most connected, data-driven high-rise building in New York City."
Fitness centers, healthy and diverse dining options, and a "biophilic design" to bring nature indoors will be an integral part of the building's experience.
The project is expected to be completed by the end of 2025.