JPMorgan is building a new headquarters in New York City

Getty/Andrew Burton
  • JPMorgan Chase will start building a new headquarters next year that will house 15,000 employees.
  • It will replace the current headquarters at 270 Park Avenue, which was built in the 1950s and designed for about 3,500 employees.

Next year, JPMorgan Chase will start building a larger, more modern headquarters in New York City that will house 15,000 employees.

The bank and the City of New York on Wednesday announced the plans for the 2.5 million-square-foot building, which will sit at the same address as the current headquarters at 270 Park Avenue, a skyscraper developed in the 1950s for about 3,500 people.

“With a new headquarters at 270 Park Avenue, we are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment for the 21st century,” CEO Jamie Dimon said in a statement.

Construction is expected to begin in 2019 and last for five years. During the development, employees will be relocated throughout other JPMorgan locations in the city.

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