Multinational investment bank and financial services giant JPMorgan Chase & Co. has selected London-based Foster + Partners to design its new headquarters, which will replace the existing Union Carbide Building at 270 Park Ave. in New York City. Designed by Natalie de Blois of Skidmore, Owings & Merrill and completed in 1974, the structure will be torn down to make room for a new 2.5 million-square-foot skyscraper could be up to 500 feet taller than the current tower, per the New York Times.
“With a new headquarters at 270 Park Ave., 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 chairman and chief executive, Jamie Dimon, when the plans were announced in February.
According to the National Real Estate Investor, JPMorgan acquired some 555,000 square feet of redevelopment space thanks to a deal with a nearby church and rezoning. Demolition is reportedly slated to begin next year, with project completion anticipated for 2024.
This controversial project has made headlines since plans were announced earlier this year as many have long called for Union Carbide’s designation as a landmark structure. In light of JP Morgan’s plans, preservationists lobbied against its destruction citing its importance as a high-rise designed by a woman in a field that was—and still is—largely male dominated, and its inherent architectural value. (ARCHITECT contributor Aaron Betsky also pointed out that tearing down such a large structure would be “an inexcusable waste of resources.”)
