270 Park Avenue (2021–present)

JPMorgan Chase Building

Company type	Headquarters building
Industry	Financial services
Predecessor	Union Carbide Building
Founded	2021 (2021)
Headquarters	New York City , United States
Area served	Global
Key people	Jamie Dimon (CEO of JPMorgan Chase)
Products	Office space for JPMorgan Chase
Owner	JPMorgan Chase
Number of employees	15,000 (staff capacity) (2025 (projected))
Website	www.jpmorganchase.com

270 Park Avenue, commonly referred to as the JPMorgan Chase Building, is a supertall skyscraper situated on Manhattan's Midtown East Side. Conceived by Foster + Partners, the tower is projected to reach upon its anticipated completion in 2025.

This newly constructed 70-story office tower replaces the 52-story Union Carbide Building, which was built in 1960 and dismantled in 2021. The former building functioned as JPMorgan Chase's headquarters, now temporarily relocated to 383 Madison Avenue until the transition to the new premises is finalized.

Site

Positioned within New York City's Midtown Manhattan district, 270 Park Avenue occupies an entire city block bordered by Madison Avenue, 48th Street, Park Avenue, and 47th Street. The parcel spans approximately , featuring frontage of along each avenue and along each street.

This location forms part of Terminal City, a district that expanded swiftly following the 1913 completion of the predominantly subterranean Grand Central Terminal. Early constructions included office buildings like the Chanin Building and Helmsley Building, alongside hotels such as the Biltmore, Commodore, and Waldorf Astoria. Initially, the site was home to the six-building Hotel Marguery complex, a 12-story Renaissance Revival hotel inaugurated in 1917 by developer Charles V. Paterno.

By 1920, the vicinity was described by The New York Times as "a great civic centre." The Hotel Marguery was eventually supplanted by the 52-story Union Carbide Building, notable for being the first structure to occupy the entire block when it opened in 1960. This building subsequently served as JPMorgan Chase's global headquarters.

Adjacent properties include the former locations of the New York Mercantile Library and 400 Madison Avenue to the west; Tower 49 to the northwest; 277 Park Avenue to the east; 245 Park Avenue to the southeast; and 383 Madison Avenue directly south.

Architecture

Crafted by Foster and Partners, this structure will rise to a height of . Various sources report differing story counts: The New York Times mentions 70 floors, while Emporis lists 63, and the Council on Tall Buildings and Urban Habitat records 60 stories. The building's base incorporates 24 substantial columns supporting a lobby approximately tall, which includes public areas facing both Madison and Park Avenues. Above this, setbacks gradually reduce the building's mass toward its summit.

The interior is designed to accommodate up to 15,000 staff members and features amenities such as a food hall, a penthouse conference center, a fitness facility, and expansive naturally illuminated spaces. The floor plates are designed for adaptable layouts. To comply with city regulations prohibiting natural gas in new constructions after 2027, the tower will be powered exclusively by hydroelectric energy. Furthermore, nearly 97% of materials from the previous building were either recycled or repurposed.

The project team includes Adamson Associates serving as architect of record; Jaros, Baum & Bolles handling MEP engineering; Vishaan Chakrabarti acting as collaborating architect; Gensler responsible for workplace design; and Severud Associates providing structural engineering services.

Planning

In February 2018, JPMorgan revealed intentions to tear down the former Union Carbide Building and erect a new headquarters nearly twice its height, marking the inaugural major development under the Midtown East rezoning initiative. At that time, the original structure held the record as the tallest voluntarily demolished building worldwide. The planned 70-story skyscraper is designed to house 15,000 staff members, with Tishman Construction Corporation appointed as the construction manager.

To facilitate the larger construction, JPMorgan purchased substantial air rights from nearby St. Bartholomew's Episcopal Church and from Michael Dell's MSD Capital, which controls air rights above Grand Central Terminal. In October 2018, the British architectural firm Foster + Partners was chosen to design the tower, which was increased in height to —still under the zoning cap of . Concerns were raised about possible impacts on the Metropolitan Transportation Authority's East Side Access tunnels and the rail yards beneath 270 Park Avenue at Grand Central Terminal.

The New York City Council granted unanimous approval for JPMorgan’s new headquarters in May 2019. To obtain this endorsement, JPMorgan committed $40 million toward a district-wide improvement fund and agreed to incorporate a privately owned public space plaza at the tower’s entrance. Following advocacy by Manhattan Borough President Gale Brewer and City Council member Keith Powers, JPMorgan also pledged financial support for enhancements near Grand Central, including repairs to the train shed and a new station entry at 48th Street.

The MTA included plans for repairing Grand Central Terminal’s train shed within its 2020–2024 Capital Program, prioritizing the section beneath 270 Park Avenue to synchronize maintenance with new construction activities.

Construction

In July 2019, JPMorgan Chase assured that demolishing 270 Park Avenue would not impede progress on the MTA’s East Side Access project. Scaffolding was installed along Madison Avenue, initiating an anticipated demolition period of 18 months. By late December 2020, demolition had removed only the podium, yet assembly of the new building’s superstructure had commenced. The first steel beams were placed in January 2021. The main tower demolition was finalized by April 2021, with full site clearance completed in June.

This cleared the way for installing support columns throughout the property. By the end of 2021, cranes and elevators were operational on site. In April 2022, JPMorgan CEO Jamie Dimon announced plans to further consolidate New York offices at 270 Park Avenue by adopting hybrid work strategies.

By early 2023, construction had exceeded the height of the former Union Carbide Building and reached two setback levels. Work was briefly halted following a fatal incident in March. As of 2023, project completion was anticipated in 2025. By September, building progress reached the fourth of five tiers, with a topping-out ceremony conducted on November 20, 2023. A beam was secured atop this tier, with final crowning expected before year-end. The architectural topping-out was achieved by February 2024.

Exterior cladding advanced on base columns and walls, beginning along Park Avenue before moving to Madison Avenue. By August 2024, façade installation had reached the tower’s summit. The tower crane was dismantled by late 2024; however, construction elevators remained in use as interior and exterior work continued toward occupancy scheduled for 2025.

Reception

In 2022, architectural commentator Alexandra Lange characterized the redesigned 270 Park Avenue as "a descendant of Hearst Tower perched atop unsettling supports." Christopher Bonanos from Curbed remarked that the building's foundation carries "the entire mass precariously balanced, almost like ballerinas on tiptoe." Reese Lewis of the Brooklyn Rail interpreted the project's realization as "an embodiment of complete contradiction," contending that economic incentives solely motivated the development and that the prior structure was razed without adequate cause.

See also

• 28 Liberty Street
• List of tallest buildings in New York City
• List of tallest buildings in the United States