JPMorgan announced on Wednesday it will tear down its Park Avenue headquarters and construct a modern tower that will mark a new era for both midtown Manhattan and the lender. The monument to the success of the largest U.S. bank will set in motion a years-long logistical feat that in all likelihood will culminate just about the time that Chief Executive Officer Dimon, 61, hits retirement.


The headquarters will house 15,000 of the bank's employees and could be between 70 and 75 stories, depending on how wide its footprint is, said a person with knowledge of the company's plans. The current structure is 52 stories. The new building, which has yet to be designed, could be as much as 500 feet (150 meters) taller than the current headquarters, said the person, who asked not to be identified because details of the plans haven't been publicly disclosed.


The 2.5 million-square-foot (232,000-square-meter) building would be the first major project under New York City's Midtown East rezoning plan, which encourages new office construction in the area, the bank and Mayor Bill de Blasio said in the statement. JPMorgan's current headquarters is an "outdated facility" that was designed in the late 1950s for about 3,500 employees, the company said.

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