US investment bank will begin tearing down its existing Manhattan headquarters next year

jp morgan

Foster + Partners has won a competition to design a new headquarters building in New York for US investment bank JP Morgan Chase.

The firm will replace its existing Manhattan premises at 270 Park Avenue with a new building that will be 2.5m sq ft.

Foster + Partners founder Norman Foster said: 鈥淭he building design is set to respond to its historic location as well as the heritage of JP Morgan.鈥�

In an announcement earlier this year, JP Morgan said the new building, expected to be 70 storeys, will house around 15,000 employees and will replace the current 52-storey tower that was completed in the early 1960s and designed by US architect SOM.

Demolition is expected to start next year with construction work due to finish in 2024.

New York firm Tishman Construction, which was sold to Aecom in 2010 and has since been renamed Aecom Tishman, is construction manager on the job.

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