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Manhattan, NY JPMorgan Chase chairman and CEO Jamie Dimon, New York governor Kathy Hochul, New York City mayor Eric Adams and local officials were onsite to thank the construction workforce as the final steel beam was raised to complete the framing for the firm’s 1,388 ft., global headquarters at 270 Park Ave.
The 60-story building will be home to about 14,000 employees as JPMorgan Chase remains one of New York City’s largest employers and contributors to the local economy. During the building period alone, the project will create more than 8,000 construction jobs from across 40 local unions – triggering additional economic activity of $2.6 billion for New York City. An independent study by Deloitte found that through JPMorgan Chase’s tens of thousands of local employees and operations, the firm generates $29.8 billion in annual economic activity to New York City, stimulating an additional 40,000 jobs across several local industries.
The construction project is managed by AECOM Tishman with New York City Constructors overseeing the frame’s installation and Severud Associates serving as the structural engineer.
With a design by Foster + Partners, the 60-story skyscraper will be New York City’s largest all-electric tower with net zero operational emissions and indoor air quality that exceeds the highest standards in sustainability, health and wellness. It will help define the modern workplace with 21st century infrastructure, smart technology and 2.5 million s/f of flexible and collaborative space that can adapt to the future of work.
“JPMorgan Chase is proud to have called New York City home for more than 200 years and this building is a symbol of our long-term investment that will impact future generations of New Yorkers,” said Dimon. “I am so proud of the exceptional and dedicated team of people who have worked through very challenging conditions to get the job done and complete this phase of the project.”
“This project marks a significant milestone in New York’s economic comeback,” Hochul said. “Built with American-made steel and New York union labor, the new JPMorgan Chase headquarters on Park Avenue will generate economic activity for our state and welcome tens of thousands for workers.”
“New York City has regained all of the jobs it lost during the pandemic – and we’re not stopping there,” said Adams. “JPMorgan Chase and companies across the city are doubling down on New York City, because there’s no city on the planet with better talent, diversity, and opportunity for growth. This project has already generated $2.6 billion in economic activity and 8,000 good-paying union jobs, and we know that’s just the start, because when companies bet on New York City, we all win.”
The building’s steel frame was erected over the last three years by more than 300 Local 40 iron workers as well as hundreds of engineers, crane operators and construction workers using more than 93,600 tons of US-made steel fabricated by Banker Steel Company. The structural steel used is 93% recycled and 100% recyclable, making it a prudent construction material choice.
“The topping out of 270 Park Ave. represents a milestone of yet another key development project that not only created thousands of family-sustaining union careers for hardworking New Yorkers, but also acted as a sparkplug for our economy,” said Gary LaBarbera, president of Building and Construction Trades Council of Greater New York. “We congratulate both JPMorgan Chase on this milestone and our dedicated and skilled tradesmen and tradeswomen who masterfully and efficiently got us here today. The success of this development shows the value of continuing to encourage investment in New York City and green light projects that pave accessible pathways to the middle class and create critical economic stimulus that benefits all New Yorkers.”
“Today marks an important milestone as we celebrate the extraordinary efforts of iron workers who have raised, connected and bolted together the framework of this amazing building,” said City councilmember Keith Powers. “And it signifies we are getting close to the completion of this major development – the first under the East Midtown rezoning plan – that will keep good, well-paying jobs in our community and bring important public improvements such as enhanced public space and transportation upgrades for all who live, work and visit the area.”
“270 Park Ave., the new JPMorgan Chase tower, is an iconic project that only occurs once in a lifetime. At approximately 94,000 tons and just under 1,400 ft., the tower is not only substantial in tonnage, but one of the largest in New York City. We are extremely proud to have fabricated and erected the steel structure of this incredible project in partnership with Tishman Construction,” said Don Banker, CEO of Banker Steel, a subsidiary of DBM Global Inc.
“270 Park Avenue will undoubtedly become one of New York City’s most iconic addresses, and we are proud to recognize it as the latest of AECOM Tishman’s skyline-shaping projects over our 125 year history,” said John Kovacs, COO, AECOM Tishman. “We are honored to be a part of the team building this historic project, and privileged to be working side-by-side with JPMorgan Chase, Tishman-Speyer and a team of world-class designers and trade contractors to turn this vision into a reality. We are thankful to JPMorgan Chase for investing in New York City’s future, helping drive the economy, and creating a thriving community for East Midtown.”
The building will offer 2.5 times more outdoor space on the ground level of Park and Madison Aves., featuring wider sidewalks and a large public plaza on Madison Ave. with natural green space and other amenities geared towards the residents, workers and visitors who frequent the neighborhood on a daily basis.
“To see the final beam being set in its place today is a symbolic moment, when you truly appreciate the scale of the project and JPMorgan Chase’s ambition,” said Norman Foster, founder and executive chairman of Foster + Partners. “It has been incredible to be a part of the team – working in lockstep with engineers, fabricators, other contractors and the construction workers – all working tirelessly to bring our collective vision to life.”
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