JPMorgan Chase, the largest bank and financial services company in the United States, filed permits last month to demolish its massive headquarters on Park Avenue to build an even bigger, 70-story tower on the same site for its ever-growing number of employees, according to CityRealty. The destruction of the 52-floor, 1.5-million-square-foot tower will mark the tallest planned demolition in history, surpassing that of New York City’s Singer and Deutsche Bank Buildings.
The 2.5-million-square-foot replacement will be the first skyscraper to rise up after the 2017 rezoning of Midtown East, which made a 73-block area surrounding Grand Central Terminal available to taller skyscrapers.
JPMorgan Chase has long been dissatisfied with its outdated headquarters at 270 Park Avenue, with over 6,000 of its employees jam-packed into a building meant for only 3,500 people. While the modernist tower was designed by Skidmore, Owings & Merrill’s esteemed Natalie Griffin de Blois, a female pioneer in the architectural field, it is not protected by landmark status from demolition.
Its soaring replacement will be more open and flexible with 20 additional floors where employees will have an extra one million square feet of office space.
JPMorgan Chase has slated the demolition work for early 2019, and a construction elevator can already be seen alongside the building. Once the new structure is completed in 2024, it will be one of the tallest buildings in New York City and one of the largest office buildings in the northern hemisphere. The design team, led by Foster + Partners, will seek LEED certification, and the project anticipates to introduce over 8,000 construction jobs to the city. In the meantime, JPMorgan Chase has negotiated leases at nearby buildings—including 237, 245, and 277 Park Avenue—for the workers who will soon be displaced due to the impending wreckage.