JPMorgan is scrapping its 52-story Manhattan skyscraper in the largest voluntary demolition ever
It's a tough week for fans of mid-century design. Much to the ire of preservationists, JPMorgan Chase announced yesterday plans to demolish its 52-story headquarters in midtown Manhattan, considered by many architecture historians to be a jewel of the Mad Men era. Slated for early next year, it will be largest voluntary building demolition in history, eclipsing...
From article, (JPMorgan Chase announced yesterday plans to demolish its 52-story headquarters in midtown Manhattan, considered by many architecture historians to be a jewel of the Mad Men era.
Slated for early next year, it will be largest voluntary building demolition in history, eclipsing the 47-story Singer Building skyscraper that was knocked down in 1968 to make way for more office space in downtown Manhattan. But JPMorgan’s announcement is noteworthy for another important reason: It’s indicative of the fundamental tension between companies’ desire to change with the times, and preservationists’ desire to safeguard urban history.
JPMorgan plans to replace the Park Avenue building, built in 1961, with a taller tower that will accommodate its swelling ranks. The banking and financial services giant boasts that its future 70-story, 2.5 million sq. ft (232,000 sq. m.) tower will allow the company to consolidate its New York-based workforce, which is now scattered in various offices in midtown Manhattan. JPMorgan currently has 6,000 employees squeezed into a headquarters designed for 3,500 workers. The new building will accommodate 15,000 workers.
“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,” said JPMorgan chairman and CEO Jamie Dimon in a press release. The new tower is scheduled to completed in 2024, around the time of Dimon’s planned retirement.)
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