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Chase Bank Announces Plans for New Headquarters in NYC

Not only are many architects and contractors retiring, some there most iconic buildings are about to be retired as well.

Now, according to DeZeen Magazine, the JPMorgan Chase Tower at 270 Park Avenue in New York City, designed in the 1960s by Skidmore Owings and Merrill (SOM), has been tagged for demolition over the next year. According to the article, “It will be the world's tallest and largest building to be pulled down intentionally.” It will be replaced by a larger taller structure designed to house an additional 9,000 Chase employees for a total of 15,000 users. The bank has been in negotiations with 4 nearby buildings to house the bank employees during the 5-year construction period.

This is not a landmark building according to the local sources. It is “located above railroad tracks from Grand Central Terminal, it was originally built for Union Carbide Corporation, before it was occupied by Manufacturers Hanover Trust and Chemical Bank Built, and then JPMorgan Chase. It was last renovated in 2012, which improved its eco-friendly design features to platinum level Leadership in Energy and Environmental Design (LEED).”

The planned 70 floor replacement building will be completed by 2024 and is made possible by the zoning ordinance changes for 78 blocks passed by the DeBlasio administration to encourage the use of air rights and new construction around Grand Central station designed to attract new business expansion in the area.

As an aside, James Dimon has announced that he will retire as Chairman of Chase in 5 years about the same time as the new building is completed.

Critics have already joined together to stop the demolition by designating it as a landmark building. I would expect that there might be a delay in the demolition schedule as this process gets drawn out over the next year.

According to NYC sources, “no design team has been designated”, but you can bet that the design studio of someone close to Jamie Dimon has completed programming, has concept drawings underway and has already built a number of models for his review. I would expect that one of the major construction companies has been involved in the discussions with the Bank for over a year even though no one is talking openly about it yet