JPMorgan Chase's 270 Park Avenue office tower cost $6 billion, likely making it New York's most expensive office tower to date. The Wall Street Journal reported the figure, though JPMorgan had previously offered only vague estimates of $3 billion or $4 billion.
The 2.5 million-square-foot Norman Foster-designed tower works out to $2,500 per square foot. The construction-cost estimate from the bank's real-estate division includes air rights, furniture, and art.
The tower opened last fall. JPMorgan called it a "true physical manifestation of our values."
The bank installed artwork by Gerhard Richter and Maya Lin, an indoor flagpole that moves with outdoor wind, an Irish pub with Guinness on tap, a wellness center offering physical therapy and allergy shots, and a gym with Pelotons facing Central Park. Artist Leo Villareal designed a light show across half the building's exterior.
50 Hudson Yards, a 2.9 million-square-foot Related tower housing BlackRock and Meta, cost $4 billion when built in 2017, working out to roughly $1,400 per square foot. One Vanderbilt cost $3.14 billion a decade ago.
The tower is part of a 6 million-square-foot midtown campus JPMorgan is building. CEO Jamie Dimon closed the bank's old gym and headquarters in 2004, and in 2018 told investors to short companies announcing new headquarters plans.
JPMorgan earned $59 billion in profit in 2024, more than any lender in American finance history. Profits fell to $57 billion last year, but leadership expressed optimism that "benefits of deregulation" would help reverse that trend.
Citadel's 2 million-square-foot midtown tower at 350 Park Avenue is also expected to cost $6 billion.