JPMorgan Chase & Co’s current HQ (Wikimedia Commons/Elisa Rolle)
JPMorgan has announced plans to redevelop its New York headquarters as a 70-storey tower in midtown Manhattan that is able to accommodate 15,000 employees.
Reuters reports that the 232,000 sq m project still needs to be signed off by local authorities.
The finance group currently resides in a 52-storey building at 270 Park Avenue, which is to be knocked down in 2019, with staff relocating to other JPMorgan properties close to their current base.
JPMorgan’s expansion will be subject to rezoning laws that allow a company to add extra storeys if it compensates its neighbours. JPMorgan has paid the owners of Grand Central Terminal an estimated $240m for the expansion and is in talks to buy space from St Bartholomew’s Church.
The headquarters will be completed in 2023 at the earliest.