The City Council unanimously approved the massive new headquarters for JPMorgan on Wednesday, the first project to take advantage of New York’s Midtown East rezoning.
The Council approved the rezoning in August 2017, clearing the way for 6.5 million square feet of new office space to go up across more than 70 blocks in the neighborhood.
JPMorgan then announced in February 2018 that it would stay and rebuild its global headquarters in Midtown. The new headquarters will stand 1,400 feet and 70 stories tall, and it will allow the company to consolidate employees who are currently working out of multiple different locations.
The bank has already started demolition work on the existing 52-story building, and it expects to start construction on the new building in 2021. The new headquarters will include 10,000 square feet of public open space along the base of the tower, which the bank increased from the previously planned 7,000 square feet following pushback from the community.
Other massive projects being planned for Midtown East include a 1,450-foot tower at 350 Park Avenue from Vornado Realty Trust and Rudin Management and a 1,500-foot tower at 14 East 52nd Street from Harry Macklowe.