NEW YORK – On Monday, JPMorgan Chase introduced its towering new 60-story headquarters to the public. This significant addition to the New York City skyline marks one of the first major office constructions since the COVID-19 pandemic and is set to redefine the city’s architectural landscape for years to come.

The impressive copper-hued steel structure at 270 Park Avenue, which reportedly involved a $3 billion investment, takes the place of the long-standing Union Carbide Building at the corner of 48th Street and Park Avenue. Designed to accommodate approximately 10,000 of JPMorgan’s 24,000 New York-based employees, the new facility welcomed staff as the company celebrated its opening with a ribbon-cutting ceremony.

JPMorgan’s CEO and chairman, Jamie Dimon, highlighted the institution’s historical ties to New York City, stating, “For 225 years, JPMorgan Chase has been deeply embedded in New York City. Opening our new global headquarters marks a significant investment in New York and showcases our dedication to serving clients and supporting our employees globally.”

Spanning 2.5 million square feet, the building offers an entire block of public space and features five newly commissioned artworks, enhancing the bank’s extensive art collection. The facility will house JPMorgan’s trading operations spread over eight floors.

The project was an ambitious effort led by Foster + Partners, the principal architects. The intricate process of dismantling the old Union Carbide Building took two years, a challenge compounded by the site’s location above the Metro North Railroad lines beneath Park Avenue.

For years, JPMorgan has worked out of several buildings around Grand Central Station, a result of the bank’s growth and acquisitions over the years. Corporate execs and investment bankers still use 383 Madison Ave, the former headquarters of Bear Stearns, and 277 Park, which housed Chemical Bank, also a predecessor of the current JPMorgan Chase. Parts of JPMorgan started using 270 Park in the mid-1990s, but the bank always struggled to fit all its operations in the building.

With 270 Park finished, the bank says it will now start a renovation of 383 Madison.