JPMorgan Chase HQ Files for Development Rights Transfer

JPMorgan Chase’s headquarters building at 270 Park Ave.

NEW YORK CITY—JPMorgan Chase took its next step in moving forward with its plans to tear down its office tower at 270 Park to build its new 2.5 million square-foot headquarters, as announced in February. Crain’s reported that on Sept. 6, 2018, the global investment bank and financial services company filed its application to transfer 668,000 square feet of air rights from Grand Central Terminal. The publication noted the Department of City Planning would review the request.

The banking giant plans for the new headquarters to have the capacity to house 15,000 employees. The current Park Avenue tower accommodates 3,500 workers. Demolition and construction are scheduled to begin next year and to take five years. In March, the bank signed a 10-year lease for 436,905 square feet at 390 Madison Ave. where employees will work while construction of the new building is underway.