Posted Jan 28, 2025, 2:20 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,619
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^ I can remember when we were excited for the long delayed Bloomberg Tower, which at one point was an "unheard of" 900 footer. Now most people shrug at 900 ft in the city (not me, because I remember). I also remember the first supertall proposal after 9/11, the 1,050 ft 1 NY Place down on Fulton Street. That never go built, but we more than made up for it. Remembering those times helps to keep things in perspective.
Meanwhile, JP Morgan Chase continues to push back those ideas of some who thought office buildings obsolete after the pandemic.
https://www.costar.com/article/105061166...pipeline-with-manhattan-tower-renovation
JPMorgan steps up office investment pipeline with Manhattan tower renovation
Banking giant to upgrade Madison Avenue building near headquarters development
By Katie Burke
January 27, 2025
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Even as it develops a gleaming skyscraper across the street, JPMorgan Chase is planning to polish up its soon-to-be-former headquarters along Manhattan's Madison Avenue to accommodate the banking giant's growing workforce.
Alongside recent news calling employees back to a full, five-day work schedule, the New York-based company is preparing to renovate its 383 Madison Ave. tower, adding to the firm's office investments both in the city and elsewhere across the country. The 1.2 million-square-foot tower is within steps of JPMorgan's future headquarters at 270 Park Ave., a more than $3 billion development that's on track for completion later this year.
JPMorgan, the largest bank in the United States, is expected to kick off renovations on the Madison Avenue property once work on the 70-story, 2.5 million-square-foot headquarters project is complete.
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The bank has made a number of significant investments in its physical real estate since it broke ground on its Park Avenue headquarters in early 2021, underscoring the importance JPMorgan has long placed on in-person work.
Earlier this month it told all employees they'd be required to return to an office five days a week, marking the end of a pandemic-era policy that allowed some to work on a hybrid schedule.
The escalated policy, which takes effect in March, has meant the bank is scrambling to boost capacity across its portfolio of offices to accommodate the full return of all of its employees. JPMorgan's operating committee said in a recent memo, earlier reported by Bloomberg, that employees will be notified before the end of the month whether certain offices have the space necessary for everyone to begin to fill them back up.
...Last year it closed a roughly $320.2 million deal with developer Hines to acquire 250 Park Ave., an office tower across the street from its headquarters development.
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For JPMorgan, the push to boost in-person attendance is critical given its string of large investments to expand its office real estate portfolio.
The bank is one of New York City's largest employers and was one of the first to mandate a return to the office for its U.S. workforce in 2021, albeit on a hybrid schedule.
With its new headquarters nearing the finish line and its planned renovations along Madison Avenue, JPMorgan is also among a cohort of companies aiming to make the office a commute-worthy destination. At 270 Park Ave., for example, the skyscraper's roughly 14,000 employees are set to have access to a slew of amenities such as outdoor lounges, a fitness center, a meditation room and an upscale food hall.
Employees at the soon-to-be-renovated 383 Madison Ave. tower — a property JPMorgan acquired through its takeover of Bear Stearns at the height of the Great Recession — could get a similar boost of perks. The bank has brought on Foster and Partners, the same design firm as its Park Avenue headquarters project, to spearhead the renovation.
The bank declined to provide additional comments or details about its Madison Avenue plans.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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