Deals & development · 10/28/2026
JPMorgan's 270 Park Avenue tower cost an estimated $6 billion
JPMorgan's real estate staff estimated the all-in cost of its 270 Park Avenue headquarters at $6 billion, the Wall Street Journal reported. The figure covers construction, furnishing and assets such as air rights. That tops the nearly $4 billion expected for 50 Hudson Yards. The bank has made no formal disclosure on its balance sheets.
Reported by The Real Deal · New YorkRead the original ↗
What happened
JPMorgan Chase's new headquarters at 270 Park Avenue in Midtown Manhattan may have cost far more than earlier figures suggested. The bank's own real estate staff estimated an all-in price tag of $6 billion, the Wall Street Journal reported. The Real Deal covered the report on 10/28/2026.
The $6 billion estimate covers construction and furnishing. It also covers intangible assets tied to the building, such as air rights. Early estimates put the project at $3 billion. At a ribbon-cutting, CEO Jamie Dimon said a disclosure to his board placed the cost at $4 billion. The bank has not formally disclosed a figure on its balance sheets.
The cost works out to about $2,500 per square foot. Work began in 2019, before the pandemic and rising interest rates pushed construction costs up. There is no definitive ranking of the city's most expensive office projects. For comparison, Related Companies' 50 Hudson Yards was expected to cost nearly $4 billion all-in and to be the most expensive office building ever built in the city.
The Norman Foster-designed tower will house about 10,000 employees. The bank says the project created 8,000 construction jobs. It is the centerpiece of a JPMorgan campus that also includes 383 Madison Avenue, the former Bear Stearns tower, and 250 Park Avenue. Together the bank's Midtown footprint totals nearly 6 million square feet.
Key facts
- Address
- 270 Park Avenue, Midtown Manhattan
- Owner
- JPMorgan Chase
- Estimated cost
- $6 billion all-in, per the bank's real estate staff, as reported by the Wall Street Journal
- Earlier estimates
- $3 billion early on; $4 billion in a board disclosure cited by Jamie Dimon
- Cost per square foot
- About $2,500
- Construction start
- 2019
- Jobs and occupancy
- 8,000 construction jobs, according to the bank; about 10,000 employees to be housed
- Architect
- Norman Foster
What it means
Landlords
This is a corporate office project. The material describes no change to residential rules, HPD or DOB enforcement, or rent regulation that would affect small building owners.
Tenants and voucher holders
Nothing in the report affects rents, voucher payment standards or housing programs. It is a story about one bank's headquarters cost.
Buyers and owners
The article notes the pandemic and higher interest rates raised construction costs after this project began in 2019. That rising cost environment also matters for anyone planning renovations or new construction.
The highlights
- Earlier estimates put the cost at $3 billion, and Dimon later cited $4 billion.
- The cost works out to about $2,500 per square foot. Work began in 2019.
- The Norman Foster tower in Midtown will house about 10,000 JPMorgan employees.
Why it matters Landlords
It shows how high trophy office costs have climbed in Manhattan, though it has little direct effect on small landlords or tenants.
Not known yet
- How much of the $6 billion went to air rights versus construction and furnishing
- Whether JPMorgan will formally disclose the final cost
- How the cost compares with other recent trophy office towers in Manhattan
- Why the internal estimate differs so much from the $4 billion board figure Dimon cited
Background
In New York City, zoning limits how much floor area can be built on a lot. Owners can often buy unused development rights, commonly called air rights, from nearby properties to build larger. In some cases, such as rights tied to landmarks or certain special districts, these purchases can be a significant part of a large project's cost.
Buildings in this story
- 383 Madison Avenue · building facts and open city records
- 250 Park Avenue · building facts and open city records
- 270 Park Avenue · building facts and open city records
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0