Banks

JP Morgan 'recommits' to NYC with plans to build new Park Avenue headquarters

Key Points
  • The new building at the bank's current Park Avenue location will have 2.5 million square feet and space for 15,000 employees.
  • It is part of a rezoning effort in Manhattan designed to encourage new office construction and improve public space and transportation.
Justin Sullivan | Getty Images

J.P. Morgan Chase unveiled plans Wednesday to replace its existing New York headquarters with a new 2.5-million-square-foot complex in the same location on Park Avenue.

The bank said it is recommitting to New York City with the project. Construction begins next year, and eventually the new building will house 15,000 employees. The current building at Park Avenue between 47th and 48th Streets was constructed in 1950 and meant for 3,500 employees. Employees will be relocated to nearby facilities during the construction.

About 8,000 construction-related jobs will be created for the five-year project. The bank says it won't have any material effect on its financial results.

The project is part of a rezoning effort in midtown Manhattan that is supposed to boost office construction and improve public space and transportation. J.P. Morgan is buying the development rights from landmarks in the area in order to build the larger building. The announcement was made with Mayor Bill de Blasio's office.