Feb. 21 (UPI) -- JPMorgan Chase unveiled plans on Wednesday to demolish its headquarters in New York City and build a replacement on the same site.
JPMorgan Chase CEO Jamie Dimon said by constructing the 2.5-million square feet space in Midtown Manhattan, the bank is "recommitting ourselves to New York City while ensuring that we operate in a highly efficient and world-class environment for the 21st century."
The new space will have room for over 15,000 employees. Dimon and New York City Mayor Bill de Blasio made the announcement on Wednesday morning.
The current headquarters on Manhattan's Park Avenue was built in 1950 and was designed only to house 3,500 employees.
During the five-year project, bank employees will be relocated around the city and about 8,000 construction jobs will be created.
The project is part of a rezoning effort by the city, enacted six months ago, to increase office space and enlarge transportation and public spaces in Midtown Manhattan.
"This is our plan for East Midtown in action. Good jobs, modern buildings and concrete improvements that will make East Midtown stronger for the hundreds of thousands of New Yorkers who work here," de Blasio said in a statement. "We look forward to working with JPMorgan Chase as it doubles-down on New York as its international home."
A design of the new building was not unveiled.