JPMorgan Chase has given a big boost to the old business heart of Manhattan, agreeing a deal to tear down its Park Avenue headquarters and replace it with one of the tallest towers in New York City.
The biggest bank in America had been mulling a move from its 270 Park Avenue location to the west side of Manhattan, as an anchor tenant of a new development known as Hudson Yards. But on Wednesday the bank said that it had struck a deal with the city’s mayor, Bill DeBlasio, to stay put, consolidating several buildings in the Park Avenue area in a new, 2.5m square foot tower.
At around 70 to 75 floors, it should be the biggest bank building in the country, topping Bank of America’s 55-floor tower a few streets away on the north-west corner of Bryant Park. It will also surpass BofA’s 60-floor headquarters in Charlotte, North Carolina, which looms over the 42-floor Wells Fargo Tower.
Stuart Saft, head of the New York real estate practice at Holland & Knight, described the deal as a “fabulous” one for midtown Manhattan, likening the threat from Hudson Yards to the development of Canary Wharf in London in the late 1980s. “The central business district will remain the central business district.”
Get alerts on JPMorgan Chase & Co when a new story is published