JPMorgan Chase: The $3 billion “cage” that will bring the end of telecommuting

It was a very different world in 2018 when design began for JP Morgan Chase’s brand new skyscraper on Park Avenue, the heart of Manhattan. It was before COVID-19, when Zoom didn’t even exist, remote work wasn’t widespread, and digital nomads were limited to specific professions.

But within the 7 years that followed, . The pandemic, which hit the city particularly hard, combined with the increased rents for very small apartments and the general accuracy led to an unprecedented movement of population, both to the suburbs and to other US states, such as and .

Wall Street and the Financial District, which used to be empty of people after the stock market closed at 4pm, suddenly had schools, playgrounds, supermarkets and bars that stayed open until late at night.

Damon insists on physical presence

This new post-pandemic reality did not sit well with Jamie Dimon, who believes in the traditional work model, which is done physically in offices.

After all, the 69-year-old billionaire CEO, one of the most powerful and influential men in the world economy, maintains habits reminiscent of other times. He still reads daily newspapers (every morning from 5 o’clock) and books, follows a strict exercise program and believes in close human communication.

But the traditionalist Mr. Dimon also has his “progressive” side (how else would he, as the grandson of immigrants from Smyrna and Laconia, manage to reach the highest echelons of the international economy?). This can be seen in the way he designed and configured the new headquarters of JP Morgan & Chase.

It is the largest all-electric skyscraper in New York, a technological achievement with zero emissions and energy that comes entirely from hydroelectric sources. The quality of air and light is exemplary, as the glazing lets in 30% more natural light, the ventilation provides twice as much clean air as the prescribed standards and the blinds are automatically adjusted.

The building itself “learns” the habits of each of the 10,000 employees and adjusts through AI temperature, lighting and energy consumption depending on who uses each space – there is a special program that even remembers how everyone drinks their coffee!

On the 60 floors there are, in addition to the offices, 19 dining areas, from an Irish pub on the 13th floor to a vegan restaurant awarded with a Michelin star and a fully equipped fitness center for the well-being of employees.

His rationale was to create an environment capable of keeping his people in the office all day, and for this purpose he did not hesitate to spend $3 billion -the slightly more cynical might claim that these are all ways to lure workers back to the office.

But Dimon, as he has stated, wanted with this new building to leave behind a legacy, a work that would remain forever even after his own departure, symbolizing his personal passage in the history of the banking giant.

The chronicle of the impressive work

In order to build the new building, the old one had to be demolished first. At the urging of Jamie Dimon, it was decided that the new construction would not “step” on anything that already existed, but everything would be done entirely from scratch, with new foundations and reinforcements. “No company has ever demolished a building like this before. But it was the best location in town and we were going to build exactly what we wanted,” the CEO has stated.

Thus, in 2019, the gradual demolition of the Union Carbide Building began, floor by floor, with utmost care, so as not to disturb the staticity of the building that was located above two active rail networks, the Metro-North Railroad and the Long Island Rail Road.

Meanwhile, the pandemic broke out. JP Morgan had to decide whether to suspend operations, waiting for the crisis to pass, or whether to continue normally as planned. As history has shown, the second option prevailed.

In 2021, workers began digging underground, passing through the two major rail networks and placing foundation piles about 100 feet deep into Manhattan’s rocky subsoil.

The process required the demolition of one of the Long Island Rail Road’s tracks, but JPMorgan agreed to build new track for the commuter rail network, covering the full cost.

The new skyscraper reaches a height of 423 meters, has a copper facade and a metal frame that supports on 14 fan-shaped columns. The ground floor is 24 meters high, enough space to create a green arcade, which allows unhindered access to Park and Madison avenues. The lobby also has an impressive height, while its lighting changes color during the day. The walls are full of artwork by artists from around the world.

Playground or workplace?

Although by the standards of the city 60 floors is not particularly impressive, but because each one is quite tall, the total height of the building is the same as that of a skyscraper that exceeds 100 floors.

Internally it looks like a small state. Eight floors house the trading departments, with an open layout and state-of-the-art technology. At the center is the Exchange, a three-story atrium full of natural light that serves as a meeting and presentation space. The weekly briefings are also held there, while the upper floors house the conference center with panoramic views of Manhattan, designed for events and international meetings.

What is impressive is how much attention has been paid to the benefits that employees will enjoy, and especially in the area of ​​gastronomy. In addition to the 19 restaurants and the pub, employees can order through a special app, which works exclusively inside the building, and receive what they want without leaving their desk.

On one side we have the restaurants and on the other the gym. Designed by the Exos company working with professional athletes, it features fitness and recovery programs as well as nutritional support. At the same level, there is a Health Center with doctors, laboratories and prevention services. There are also maternity rooms, a prayer area and meditation rooms.

Opening despite the grumbling

Critics speak of a building that looks more like a mall than a company and claim that in order to create space for all the unnecessary facilities, they sacrificed a lot of square footage from the cafeterias, which in their old building -right across the street-, were more spacious. In fact, the next project of the company is the renovation of this building, which will cost around 1 billion dollars.

Nevertheless, the grand opening went ahead as usual and on October 21, Jamie Dimon “cut the ribbon” with friends, associates and fellow travelers at his side, including New York Governor Kathy Hotchul and superstar architect Lord Norman Foster, founder of Foster + Partners, the exclusive architectural firm behind the design. of the new flagship building.

Dimon, holding an American flag handed to him by the project workers, spoke excitedly about the project while making reference to his Greek grandparents: “My grandparents were Greek immigrants who never finished high school, but I know they can watch and feel proud of what we’ve done and what we’ve built here.” He then turned and saluted the American flag.

Πηγές: Wall Street Journal, Business Chief, Business Insider, Foxbusiness, Fortune, Yahoo, Nbcnewyork, archdaily, The mirror