JPMorgan Chase is building new headquarters in an old spot.
The bank plans to tear down its 50-story building on Park Avenue in New York and replace it with a 70-plus-story skyscraper at the same address.
CEO Jamie Dimon and Mayor Bill de Blasio made the announcement on Wednesday.
About 15,000 employees will work at the new headquarters. JPMorgan’s existing building was designed in the late 1950s for about 3,500 employees, the company said.
Construction is expected to begin in 2019 and will take five years. Most employees at headquarters will be relocated nearby during construction.
JPMorgan said the project will create 8,000 construction-related jobs.
The building will be the first major project under Manhattan’s new East Midtown rezoning plan. Under the rezoning, JPMorgan must purchase development rights for nearby buildings and help improve streets, pedestrian plazas and transportation.
“We are recommitting ourselves to New York City while also ensuring that we operate in a highly efficient and world-class environment,” Dimon said in a statement.