Posted Oct 8, 2025, 1:20 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://www.bloomberg.com/news/features/...morgan-neighborhood-in-nyc-for-5-billion
First Comes Dimon’s New Tower. Next Up, a JPMorgan Neighborhood
Inside America’s biggest city, its biggest bank has been piecing together a multi-block campus.
By Hannah Levitt and Max Abelson
October 8, 2025
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JPMorgan Chase & Co.’s new megatower in Midtown Manhattan will officially open later this month, capping one of the most expensive construction projects in New York history. But when Jamie Dimon, the bank’s billionaire chief executive, cuts the ribbon at 270 Park Ave., he’ll inaugurate something even more ambitious.
Inside America’s biggest city, its biggest bank has been piecing together its own multi-block campus — JPMorgan’s own neighborhood.
As employees settle into the new Norman Foster-designed tower, the bank will pump about $1 billion into renovating the old Bear Stearns offices across the street at 383 Madison Ave., JPMorgan’s temporary headquarters in recent years. A block over, the lender also owns 250 Park, which may become a hotel for colleagues. Add in nearby leased space, and the bank has nearly 6 million square feet of office space in the span of a few blocks — almost as much as rival Goldman Sachs Group Inc. has in all of North and South America.
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This account is based on conversations with half a dozen people close to the project, who asked for anonymity to discuss non-public details.
To make way for the new 60-story headquarters, which will fit about 10,000 workers, JPMorgan demolished its old one, the tallest US building ever voluntarily knocked down. Dimon was so closely involved that colleagues saw him as a de facto architect: He wanted a city within a city where form follows function, telling deputies to sweat the details. One custom feature required the bank to import the parts needed to serve a proper pint of Guinness in the 13th-floor pub.
Dimon divided his top leadership team into sub-committees, each charged with overseeing a specific aspect of the building. Client centers, including one on the top floor, went to Mary Erdoes and Marianne Lake; the trading floors were in the hands of Daniel Pinto and Troy Rohrbaugh. Executives advocating for a fitness center faced an uphill battle: Dimon was known to dislike in-office gyms and had to be persuaded to greenlight this one as part of a wellness floor.
While construction was underway, bank executives realized they’d need even more space, especially as Dimon ordered more and more of his workforce back to the office. So they started drafting plans to remake another building, this one right across East 47th Street at 383 Madison. JPMorgan acquired the tower when it bought Bear Stearns during the 2008 financial crisis. Now the plan is to close it in the new year, clad the facade in glass, redo the interior and reopen by the end of 2027.
That still won’t be enough space. Last year, JPMorgan bought a neighbor to both skyscrapers, 250 Park, for more than $300 million. Plans are still in flux: Options include keeping it as it is, knocking it down and building a new office tower, or turning it into a hotel for visiting employees. Executives also aren’t sure if they’ll keep or sell 410 Madison, which JPMorgan bought during the worst days of the pandemic in 2020 and has been using as a project office for the headquarters construction.
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….. executives had been contemplating their home base for years. They even held talks with officials about a pair of towers in Hudson Yards, an idea that was scrapped over issues including subsidies. That was just one instance of the bank’s relationship with New York vacillating between hometown pride and tension. No city has “a divine right to success,” Dimon said last year, taking aim at public policy even as the new headquarters was going up. The bank has hired people elsewhere at such a fast clip that it has more employees in Texas than in New York. Even so, when Midtown East was rezoned to encourage construction in 2017, JPMorgan was first in line.
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