This is JPMorgan's new skyscraper in Manhattan

JPMorgan Chase inaugurated a new 60-story skyscraper in the heart of New York. At 1,388 feet tall, it is the sixth tallest building in the city and the eighth tallest in the country.

With an estimated cost of $3 billion and a construction team of 8,000 employees, it will be the banking giant's global operations center.

"For more than 225 years, JPMorganChase has been deeply rooted in New York City," said CEO Jamie Dimon during the ribbon-cutting ceremony. Located at 270 Park Avenue, the building is colloquially called "270."

As part of this commitment to the city, the company highlighted an economic contribution of $42 billion a year, as well as the direct creation of 24,000 jobs and 40,000 indirect jobs in various local industries.

"The unique cantilevered structure, clad in bronze, delivers two and a half times the amount of public space at the base, including a garden, than its predecessor," maintained architect Norman Foster, founder of the firm behind the project, Foster + Partners. The work includes a public plaza on Madison Avenue, as well as the commissioning of artwork by five artists to "enrich the cultural fabric of New York City."

It also features 2.5 million square feet of “dynamic workspace” and collaboration areas, as well as 285,000 square feet of space dedicated to entertaining clients.

Back to the office

"Who remembers 2021 when people were questioning the future of office, questioning the future of New York City?" asked Rob Speyer, CEO of real estate firm Tishman Speyer, a partner in the project.

"JPMorgan really demonstrated tremendous courage and leadership. By moving forward with 270 Park, you sent the world a message that you believe in New York, that the city is resilient, that we have a great future," he added.

When the pandemic began in 2020, the company had just completed demolition of its old headquarters at the same address. By the end of 2023, 19% of the city's office space was still vacant, according to real estate firm Cresa.

However, more and more companies decided to call their employees back to the office: the new skyscraper opens as office vacancy rates are at their lowest level in five years.

JPMorgan Chase was one of the big companies that in recent years reverted to work-from-home mode. So have Amazon, Apple, BlackRock, Disney and Google, among others. Although the method varies—some require five-day attendance while others allow balancing days at home with days in the office—CEOs often argue for in-person work due to increased productivity and collaboration.