The shy Park Avenue colossus – also known as JP Morgan Chase’s new headquarters tower – has finally come out of hiding.
The financial giant on Thursday unveiled the long-secret design for its new 1,388-foot-tall cloudbuster, which it has kept under wraps even after construction began two years ago.
The slowly rising giant at 270 Park Avenue at East 49th Street, designed by Foster + Partners, features a series of classically inspired lapels on the Park and Madison sides, each lapel adorned with a monumental steel diamond.
It will be 500 feet taller than the old bank building and will accommodate 14,000 employees, up from the original 3,500.
The full-block skyscraper will also have 2.5 times more public outdoor space at ground level than its predecessor.
Monumental triangular braces, now visible on the site, will raise the current building 80 feet off the ground, creating a view corridor from the Park Avenue entrance to Madison Avenue.
Completion is scheduled for the end of 2025.
The project caps bank CEO Jamie Dimon’s long quest for a new home in Manhattan, which has scoured other places to build on, from the Battery to Central Park. Tishman Speyer is the company’s development partner.
Dimon praised the tower’s “state-of-the-art technology, health and wellness amenities and public spaces” as “the best location in one of the greatest cities in the world.”
The new 270 Park Ave. is the first project to take advantage of the recent rezoning of East Midtown, which allows for much larger structures than previously permitted.
In return for a hefty bounty, JP Morgan Chase contributed approximately $65 million in “public domain” improvements.
They included a large plaza on the Madison Avenue side and a new street entrance to the Grand Central underpass.
The complex project required running the foundation through Grand Central Terminal and the new LIRR terminal below.
MTA Chairman Janno Lieber said, “Putting thousands of jobs alongside better public transit is key to New York’s future and this project has been a model of public-private partnership.
New York Post