, JPMorgan’s 2.5 MSF Manhattan HQ Project Tops Out – What is a Ground Lease?, Robert Khodadadian
270 Park Ave. will be Manhattan’s largest all-electric tower. All images courtesy of Foster + Partners270 Park Ave. will feature wide sidewalks and a large public plaza on Madison Avenue.At full buildout, 270 Park Ave. will house up to 14,000 employees.The project recycled, reused or upcycled 97 percent of the building materials from the demolition of the outdated structure on the site.

JPMorgan Chase has topped out its new global headquarters at 270 Park Ave., rising 1,388 feet in Midtown Manhattan. The building will span 2.5 million square feet across 60 stories and is expected to come online by the end of 2025.

AECOM Tishman is the manager of the construction project, which was designed by Foster + Partners. Companies involved in the development also include New York City Constructors—which oversaw the frame’s installation—and Severud Associates as structural engineer. The steel frame was erected over the past three years by local workers and engineers. During the building process, 270 Park Ave. is generating more than 8,000 jobs and triggering $2.6 billion in economic activity for the city. 

Located in Midtown East Manhattan, the upcoming skyscraper will be adjacent to Grand Central Station and within walking distance of famous landmarks such as St. Patrick’s Cathedral and Rockefeller Center.

Focus on sustainability

The all-electric tower will be fully powered by renewable energy and operate on net-zero carbon emissions. Additionally, the steel used in the construction of the project is 93 percent recycled and 100 percent recyclable. The building is slated to house more than 14,000 employees, replacing an outdated structure designed in the 1950s with the capacity for only 3,500 employees. 

The design of the building includes column-free floorplates, allowing for flexible layouts and inter-floor connections, along with 50 percent more communal spaces and 25 percent more volume of space per person. The office tower is also set include amenities such as fitness rooms, yoga studios, physical therapy, mother’s rooms and meditation spaces. Furthermore, plans also call for the incorporation of biophilic design elements such as natural plants and light.

At the end of September, Manhattan had 6.5 million square feet of office space under construction accounting for 1.4 percent of stock, according to a recent CommercialEdge report

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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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Read MoreDevelopment, Featured, New York, News, Northeast, Office, AECOM, Foster + Partners, JPMorgan Chase Commercial Property ExecutiveAt full buildout, 270 Park Ave. will house 14,000 employees across 60 stories.
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