I've been thinking about what Chase will ultimately build here, going from the original press release to what we know about the current filing of the building...
https://www.jpmorganchase.com/corpor...0-park-ave.htm
Quote:
JPMorgan Chase CEO Dimon and NYC Mayor de Blasio Announce New, State-of-the-Art JPMorgan Chase Headquarters to Rise at 270 Park Ave
Company Will Collaborate Closely with Other Key Government Officials, Including New York City Council and Governor’s Office, to Quickly Move Process Forward
February 21, 2018
JPMorgan Chase and New York City Mayor Bill de Blasio announced today that the company intends to pursue building a new 2.5 million square foot headquarters at its 270 Park Avenue location in New York City. The project will be subject to various approvals, and the company will work closely with the New York City Council and State officials to complete the project in a manner that benefits all constituencies.
“At JPMorgan Chase, we believe that investing for the long-term is a hallmark of our success,” said Jamie Dimon, Chairman and Chief Executive Officer of the company. “With a new headquarters at 270 Park Avenue, we are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century. We look forward to working constructively and collaboratively with Mayor Bill de Blasio, Governor Andrew Cuomo, Deputy Mayor Alicia Glen, the New York City Council, and other key City and State officials on this important project,” Dimon added.
“This is our plan for East Midtown in action. Good jobs, modern buildings and concrete improvements that will make East Midtown stronger for the hundreds of thousands of New Yorkers who work here. We look forward to working with JPMorgan Chase as it doubles-down on New York as its international home,” said Mayor Bill de Blasio.
New York State Governor Andrew Cuomo said: “New York State is the business capital of the globe, and our investments in workforce development and commercial enterprise have positioned us at the forefront of innovation and growth. JPMorgan Chase’s commitment to build their new, state-of-the-art corporate headquarters and support thousands of jobs here in New York is proof that our economic development strategies are successful, and I look forward to working with them to keep New York State’s momentum moving forward.”
“This project would enhance JPMorgan Chase’s efficiency and infrastructure, strengthen the newly rezoned East Midtown business district, and will further solidify New York City’s leadership as a global financial center,” said Manhattan Borough President Gale A. Brewer. “I look forward to reviewing the details.”
With the new, modern facility, which is expected to create over 8,000 construction-related jobs during the building period, JPMorgan Chase would consolidate its global headquarters from a variety of locations into a fully LEED-certified, energy-efficient office tower in Midtown Manhattan. The headquarters project would build on the firm’s strong legacy of investment in local communities and the City of New York, its home since 1799.
The building’s modernized infrastructure and design, including 21st century systems and technology, would allow for improved business adjacencies, synergies and collaboration. Clients, shareholders and the surrounding community would benefit from this innovative project, which would also support the firm’s commitment to attracting and retaining best-in-class talent. The new building would house about 15,000 employees, replacing an outdated facility designed in the late 1950s for about 3,500 employees.
Once the project’s approvals are granted, redevelopment and construction are expected to begin in 2019 and take approximately five years to complete. Most employees currently located at 270 Park Avenue would be relocated nearby during the development period.
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First, I'm not sure if that 2.5 msf was 2.5 gross msf, or if they meant 2.5 msf of floor space, which is the number you usually get. It could be either. However, the current filing is for a building close to that size in gross square feet.
However, the current filing only includes the transfer from Grand Central Terminal, where the bulk of the air rights will come from. Any other filings for air rights probably won't come until things are more definite...
Quote:
https://therealdeal.com/2018/06/28/j...0-park-avenue/
50K sf of air rights — and maybe 505K more for 270 Park Avenue
Bank agreed to pay $20.7M to St. Bart's
By Kathryn Brenzel
June 28, 2018
JPMorgan Chase has agreed to buy 50,000 square feet of air rights from St. Bartholomew’s Church but is leaving the door open to buy up to 505,000 square feet more for $157.8 million.
...As part of the agreement, JPMorgan has the option to eventually buy all but 20,000 square feet of the church’s remaining air rights. The bank has until February 28, 2019, to decide whether to buy more.
JPMorgan has also agreed to pay a $3 million fee to hold onto its option to buy additional rights from the church. The fee will count toward its purchase of more air rights if the bank purchases 300,000 square feet or more.
In March, the New York Times reported that JPMorgan agreed to buy 680,000 square feet of air rights from the owners of Grand Central Terminal, as well as 100,000 square feet of air rights from St. Bart’s and possibly more from another religious institution.
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Those air rights, whatever amount Chase ultimately settles on, have yet to be applied to the tower. The transfer of Grand Central's air rights should be finalized this week.
Then we have the amount of workers Chase intends to move into the tower. Initial plans in the original press release, and then on called for 15,000 workers. The current filing is for a few thousand less...
Shown here as 2.4 gross msf
I don't know what it all means, or what the final size of this tower will be. But everything I've seen so far says to brace yourselves for the possibility of a larger tower. The average FAR of 24 would allow for about 1.9 msf of floor area, but they could go higher.
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Last edited by NYguy; Nov 27, 2018 at 3:42 PM.
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