The ongoing work to renovate Chase Tower in Chicago's Loop finally has an estimated price tag of more than $800M, according to JPMorgan Chase CEO Jamie Dimon.
The project, alongside Google's renovation of the Thompson Center and a slew of office-to-residential conversions along LaSalle Street, is a key piece in the revitalization of downtown Chicago, which was hit hard in the aftermath of the pandemic.
"It is a long-term investment," Dimon told Crain's Chicago Business on Thursday. "I think it is a symbol of what we have always done."
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JPMorgan announced the renovation in February 2024, saying it would trigger $264M in economic activity for Cook County and $377M for the state as a whole. At the time, it declined to disclose a full cost estimate for the major overhaul.
JPMorgan has more than 14,500 employees in the Chicago area, including 7,200 at Chase Tower, the company stated when it announced the renovation.
The bank received approval for its first construction permit in April 2024. The build-out is set to be complete in mid- to late 2027, according to Crain's.
The bank has made big bets on its offices across the world in recent years after being at the forefront of the return-to-office charge.
Earlier this week, the company announced plans to move its Philadelphia office at 2400 Market St., taking up 62K SF and planning to add more than 150 jobs in the future. It is relocating employees from One Liberty Place and 1735 Market St.
JPMorgan received permission from the London City Airport in April to build an 870-foot, 3M SF tower in the United Kingdom — slated to be one of the largest-ever office developments built in the UK.
The bank opened its 60-story, 2.5M SF global headquarters in New York City last October. The project cost $4B to build.
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