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JPMorgan building new headquarters in Manhattan

JPMorgan Chase & Co. will build a 2.5 million-square-foot headquarters in midtown Manhattan, N.Y., with plans to consolidate several locations into the new global headquarters.

The construction project was announced in a Feb. 21 news release that included endorsements from New York City Mayor Bill de Blasio and New York Gov. Andrew Cuomo. The bank's headquarters, which will replace its existing facility at 270 Park Ave., will be the first major project under New York City's rezoning plan for the Midtown East neighborhood. The rezoning plan allows developers to purchase air rights from landmarks in the area to build the larger building. The new headquarters will house 15,000 employees, replacing a building designed for 3,500 employees, with construction expected to begin in 2019 with a five-year completion timeline.

The press release stated the project is not expected to materially affect the bank's financial results.