JPMorgan Chase Unveils Major Renovation Plans for its Chicago Headquarters at Chase Tower

CHICAGO, February 26, 2024 – JPMorgan Chase unveiled major renovation plans for Chase Tower, its local headquarters building, reinforcing the company’s commitment to Chicago as one of the city’s largest employers. The project will transform the 850-foot, 60-story skyscraper and the Loop’s tallest building, into a modern, state-of-the-art workplace with flexible, collaborative spaces that can easily adapt to the future of work.

With this investment in its Chicago headquarters, JPMorgan Chase will remain one of the city’s largest employers and continue to make a significant impact on the local economy. The firm has more than 14,500 Chicagoland employees, including 7,200 at Chase Tower, and more than 15,600 employees in Illinois.

“We’re incredibly proud of our 160-year history as Chicago’s premier financial services company,” said Doug Petno, Co-Head of J.P. Morgan Global Banking. “This significant investment in our Chicago headquarters reaffirms JPMorgan Chase’s commitment to preserving the city’s vital urban center as well as providing our team members with state-of-the-art facilities.”

During the building period alone, the project will create more than 970 local construction jobs – triggering additional economic activity of $264 million for Cook County and $377 million for Illinois overall. In addition, the firm has a goal to make 35% of the contract awards available to local Minority and Women-Owned Businesses. An independent study by Deloitte found that through JPMorgan Chase’s thousands of local employees and operations, the firm contributes $4.9 billion in annual economic activity to Cook County, stimulating an additional 22,440 jobs across several local industries. In Illinois, the firm contributes $6.8 billion annually to the state’s economy, stimulating an additional 35,000 jobs.

"JPMorgan Chase's commitment to Chicago's future is commendable, and its major renovation plans for Chase Tower underscore Chase's dedication to our city's economic prosperity," said Mayor Brandon Johnson. "This project not only revitalizes a significant architectural landmark but also generates substantial local employment opportunities, further solidifying JPMorgan Chase's role as a cornerstone of Chicago's business landscape."

"The renovation of Chase Tower is a thrilling endeavor that promises to create jobs and invigorate downtown for years to come, providing long-term benefits to the thousands of employees at JPMorgan Chase," said Alderman Bill Conway, 34^th Ward. "Chase Tower holds a significant place in my heart because of the years I spent working there. This project presents an excellent opportunity to bolster our local economy, and I eagerly anticipate further collaboration with JPMorgan Chase to enhance the vitality of the Loop as a vibrant place to live and work."

“Chase has been a valuable member of the Chicago business and civic community for more than 160 years, and that remarkable legacy continues with this historic commitment to our community,” said Jack Lavin, Chicagoland Chamber of Commerce President and CEO. “It’s appropriate that Chase Tower is right in the heart of our downtown, because Chase is such an essential part of the fabric of Chicago. This exciting decision to revamp their beautiful building will help revitalize Chicago, keep thousands of jobs here, and send a loud-and-clear message about all the great things our world-class city offers.  Chase was one of the first members of the Chicagoland Chamber when we began 120 years ago, so we are extremely proud to celebrate Chase’s commitment to Chicago.”

“With this investment in Chase Tower Chicago, JPMorgan Chase is reinforcing its historic role as a leader of the Chicago business and civic community,” said Margaret Mueller, President and CEO of The Executives’ Club of Chicago. “Transforming Chase Tower into a state-of-the-art workplace is not only an investment in the 7,200 employees who work there, but in Chicago as a whole. The Exec Club salutes JPMorgan Chase for its exemplary leadership in creating a more thriving Chicago business community.”

Modern workplace focused on health, wellness and hospitality

The massive modernization project – the building’s first major renovation in nearly 20 years – will provide employees and clients with best-in-class hospitality and workplace experiences, including the following updates:

• Refreshed and interconnected, plaza, lobby and mezzanine with updated food hall, enhanced dining seating and collaboration spaces, modernized lobby entry experience, and mezzanine level common space with robust café experience.
• Refurbished work floors with state-of-the-art technology and furniture, updated meeting rooms, common spaces, restrooms and pantry areas.
• Brand new fitness center on the lobby level featuring yoga/cycling room, wellness areas, prayer and meditation spaces, and other amenities.
• Large and modern food hall featuring diverse food operators and healthy menus.
• Improved outdoor plaza area with outdoor seating, covered canopy, landscaping, and accessibility to the treasured Chagall “Four Seasons” mosaic.
• World-class conference and client center at the top floors of the 60-story tower offering unobstructed city views and dynamic events for clients and employees.
• Completely renovated elevator system for the building’s 55 cars, including modern “destination dispatch” technology to optimize efficiency and reduce waiting and travel times.

Sustainable design

JPMorgan Chase will renovate the historic tower to operate more efficiently by incorporating design plans that are expected to achieve the Leadership in Energy and Environmental Design (LEED) Certification, including:

• Automatic faucets and highly water-efficient plumbing fixtures, expected to reduce net water use by 35%.
• Construction materials with low-embodied carbon as well as low-emitting materials that minimally impact indoor air quality. 
• Carbon-neutral carpet will be installed across most of the renovated office floors, amounting to nearly half a million square feet of certified carbon-neutral flooring.

“Gensler has been fortunate to have maintained a decades-long relationship with this iconic building; we’ve always sought to respect the significant architectural expression, intervening in thoughtful ways,” said Eric Gannon, Principal at Gensler – the lead architecture firm for the renovation. “Today, our work with JPMorgan Chase reflects the needs of the modern workforce, reconsidering first impressions, points of connection, and amenities – an opportunity to transcend the ordinary and rediscover the potential of the tower.”

Serving Chicago for more than 160 years

Located in the heart of Chicago’s Loop, Chase Tower first opened in 1969 as the First National Bank of Chicago. The building – designed by C.F. Murphy Associates and Perkins & Will – is most recognizable for its inward-sweeping curve which recedes over 100 feet from bottom to top, setting it apart from other skyscrapers in Chicago’s iconic skyline.  The building also reflects the long history of JPMorgan Chase in the city of Chicago, transitioning from the First National Bank of Chicago to Bank One Corporation in 1998 before becoming Chase Tower in 2005. Now the 14th tallest in Chicago, the tower was the world’s tallest skyscraper outside of New York and the tallest bank structure at the time of its completion.

JPMorgan Chase has called Chicago home for more than 160 years and has been part of the city’s fabric since 1860 by supporting its residents and businesses, financing its schools, hospitals, infrastructure projects, and investing in its neighborhoods and people. Across Chicagoland, the firm currently serves more than 3 million consumers and 354,000 small businesses through more than 275 local Chase branches – including 16 community branches that are focused on expanding access to banking and boosting financial health among underserved communities.

Over the last three years in Chicago, the firm has committed to providing $800 million in philanthropic and business investments by 2025 to increase homeownership opportunities, accelerate wealth creation, help small businesses grow and expand financial health for local residents, specifically on the South and West sides. The firm has also provided more than $17 billion over the last five years to help finance Chicago’s essential institutions, including hospitals, schools, colleges, universities and other large corporations and employers.  

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $328 billion in stockholders’ equity as of December 31, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.  

Media Contact: Brian Hanover, 224-800-2659, brian.s.hanover@chase.com