“Remote work will change how we manage our real estate,” JPMorgan Chase CEO Jamie Dimon wrote in a recent letter to shareholders — and its plans for its new headquarters at 270 Park Avenue in New York City offer some insight into what that might look like.
According to Business Insider, which viewed a construction document for the new building, the bank is embracing what it calls a “universal design” for the tower — i.e. one that is flexible, and can be configured in different ways.
“We are learning from this year, and always design our spaces to be flexible to adapt to any business or market changes,” a Chase spokesperson told the outlet.
Approximately 14,000 of the bank’s 25,000 employees will work out of the 2.5 million-square-foot skyscraper. Demolition for the existing Skidmore, Owings & Merrill-designed building is ongoing at the full-block site between Park and Madison avenues and 47th and 48th streets. The work to build the foundation is expected to begin soon.
In his letter to shareholders, Jamie Dimon, the bank’s CEO, pledged that the firm will “significantly reduce” its office footprint in the post-pandemic era. He said the company’s return-to-work plan calls for about 60 desks for every 100 employees.
In an attempt to trim down its real estate, the bank is looking to sublease 700,000 square feet space at 4 New York Plaza in the Financial District, along with about 100,000 square feet at its Hudson Yards office at 5 Manhattan West.
JPMorgan is among many businesses that are subleasing office space while their employees remain working from home. As a result, inventory has risen to 24.5 percent of the total office availability in the first quarter of 2021, according to Colliers International.[BI] — Akiko Matsuda