One of the biggest financial institutions in the United States and in the world is looking to revamp and create a new headquarter in midtown Manhattan. According to reports, JP Morgan is looking to integrate their old offices and new offices and will house a massive amount of employees which are tallied to be at 15,000.
The bank’s new move to create a breathtaking architecture is mostly focused on keeping the paced of the recently introduced New York City Midtown East rezoning plan. The whole new plan is urging corporations and business to create the new office in the area.
JP’s New Office
According to the bank’s Chief Executive Officer Jamie Dimon on a recent statement, “We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century,”
Furthermore, both the financial institution and the local Mayor Bill de Blasio concluded that the building the establishment uses is old and is considered as an “outdated facility”. The latter building has been designed in the late 1950’s and is currently housing a total of 3,500 employees.
Looking at the new building’s design and specification, JP Morgan is looking to occupy a massive 2.5 million-square-foot building. The headquarter is going to have a rough estimate of 70 to 75 stories as opposed to their previous 52 storied headquarter. The height is expected to stand at whopping 500 feet or 150 meters; this will be the biggest for any banks in the country.
Future of the New JP Building
The new building is looking to house a bigger number of employees and the company is planning just that, the financial institution is looking to employ a lot this year to push the business forward. The company’s current employees are going to be distributed to other nearby building while the current development is happening.
According to reports, the construction of the building will commence next year and is looking to take 5 years. Furthermore, the location will enable them to buy development rights from nearby landmarks and effectively build a larger building.
However, JP Morgan is not expecting any miraculous financial results with their move but is looking to push their business to the next level, hiring more professionals to help develop the operations. The building cost is not yet disclosed, but estimated cost is looking to hit the $3.14 billion.
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