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  • JPMorganChase Celebrates Grand Opening of New Global Headquarters at 270 Park Avenue

    JPMorganChase (NYSE: JPM) officially opened its new global headquarters at 270 Park Avenue, marking a major milestone in its commitment to New York City. Designed to accommodate 10,000 employees and thousands of daily guests, the building offers 2.5 million square feet of flexible workspace, smart technology, and advanced infrastructure for the future of work. With 2.5 times more outdoor space than the previous building – including a public plaza, green spaces, and wider sidewalks – JPMorganChase Tower fosters a vibrant environment for the Midtown community. As the city’s largest all-electric tower, it operates at net zero emissions and delivers exceptional indoor air quality, setting new standards for sustainability, health, and wellness.

    Boosting New York City’s economy

    JPMorganChase remains one of the city’s largest employers, with the new building housing 10,000 of its 24,000 New York City employees. According to an independent study by Vista Site Selection, the firm contributes $42 billion annually to the city’s economy, supporting an additional 40,000 jobs across local industries. The construction of the new building alone created 8,000 jobs across 40 local unions.

    Part of firm’s broader investment in Midtown Manhattan and workspaces globally

    The new headquarters at 270 Park represents a major step in JPMorganChase’s ongoing investment in Midtown Manhattan and its global office network. In Midtown, the firm worked closely with the Metropolitan Transportation Authority to significantly improve the neighborhood’s infrastructure across several blocks. The opening of 270 Park also marks the start of renovations at the firm’s 383 Madison Avenue building, directly across the street. Both projects will enhance public spaces with a new plaza on Madison Avenue, wider sidewalks, and improved access to Grand Central Terminal.

    Beyond New York, JPMorganChase has invested billions of dollars to renovate and expand offices throughout the U.S. and worldwide, reflecting its commitment to creating modern, collaborative work environments for employees everywhere. 

    Setting a new standard for office towers

    The 60-story skyscraper reimagines the workplace for employees, clients, and the community. Key features include:

    • 2.5 million square feet of dynamic workspace and collaboration areas, including 285,000 square feet of dedicated client entertainment space, powered by smart technology and advanced infrastructure.
    • Innovative fan column structure and triangular bracing create 2.5 times more public space at street level than the previous building, including wider sidewalks, and a public plaza on Madison Avenue.
    • Vibrant streetscape and outdoor amenities create a ‘city within a city’ for residents, workers, and visitors.
    • A welcoming lobby, eight expansive trading floors, a triple-height ‘Exchange’ hub for dining and large gatherings, and a world-class client center at the top.
    • Touchless journey for employees with more than 50,000 connected devices delivering a seamless, data-driven experience.
    • Higher ceilings that far exceed typical office standards, along with 50% more communal spaces, and 25% more volume of space per person.
    • Split elevator core and shuttle elevators enhance connectivity and flexibility.
    • Column-free floor plates allow for adaptable layouts.
    • Outdoor terraces with natural plantings and biophilic design elements.

    Sustainability

    • New York City’s largest all-electric skyscraper with net zero operational emissions, 100% powered by renewable energy sourced from a New York State hydroelectric plant.
    • Designed to achieve LEED Platinum v4 and WELL Health-Safety Rating.
    • Intelligent building technology uses sensors, AI, and machine learning systems to predict, respond, and adapt to energy needs.
    • Advanced water storage and reuse systems reduce water usage more than 40%.
    • Triple-pane glazing on the façade and automatic solar shades connected to HVAC systems for greater energy efficiency.
    • 97% of demolition materials recycled, reused, or upcycled – far exceeding green building standards.

    Health and wellness

    • Double the amount of outside, fresh air and continuous air quality monitoring.
    • Advanced HVAC filtration systems for cleaner air.
    • State-of-the-art health and wellness center with fitness areas, yoga/cycling rooms, medical services, mother’s rooms, and meditation spaces.
    • 30% more daylight and circadian lighting for healthier indoor environment.

    Enhancing New York City’s skyline and streets with public art

    JPMorganChase has commissioned five new artworks from world-class artists that will enrich the cultural fabric of New York City:

    • A Parallel Nature by Maya Lin: This large-scale artwork is the centerpiece of the new public plaza on Madison Avenue, inspired by the natural bedrock of the city and the rock faces of Central Park.
    • Celestial Passage by Leo Villareal: This distinct light-based artwork transforms the city’s skyline, illuminating the 1,388-foot building’s crown nightly with gently shifting waves of monochromatic light.
    • Color Chase One and Color Chase Two by Gerhard Richter: The lobby on Park Avenue features two large-scale, painted works made with interlocking, hard-angled aluminum shapes that are visible to pedestrians and visitors.
    • Wind Dance by Lord Norman Foster: A 3-D printed column in bronze serves as a centerpiece in the lobby, visible from both Madison and Park Avenues. It replicates outdoor airflow to ensure the flag inside moves in harmony with those outside.
    • Living Building by Refik Anadol: The lobby’s elevator banks become a vibrant display of light and movement, powered by custom AI models.

    Project partners

    Foster + Partners served as the lead architect for the building’s design, with Tishman Speyer as the developer manager. Adamson Associate Architects served as the architect of record and executive architect, with Jaros, Baum & Bolles (JB&B) as the mechanical and services engineers. In addition to Foster + Partners, interior spaces were designed by Gensler, Skidmore, Owings & Merrill (SOM), and STUDIOS. Vishaan Chakrabarti, Architect and Founder of Practice for Architecture and Urbanism served as the project’s overall design advisor.

    JPMorganChase partnered with experts including Dr. Joseph Allen, Director of Harvard University’s Healthy Buildings program; wellness expert Deepak Chopra; Danny Meyer of Union Square Hospitality Group to create world-class wellness and hospitality experiences.

    The construction project was managed by AECOM Tishman, with New York City Constructors overseeing the frame’s installation and Severud Associates serving as the structural engineer. JRM Construction Management, Structure Tone Building Group, and McKissak, Turner and Valez (MTV) performed the fit-out of the interior spaces.

    Images and video: Click here to access a full media kit, including images and video.

    Official statements

    Jamie Dimon, Chairman and CEO of JPMorganChase: “For more than 225 years, JPMorganChase has been deeply rooted in New York City. The opening of our new global headquarters is not only a significant investment in New York, but also a testament to our commitment to our clients and employees worldwide. By creating world-class environments where our employees can thrive, we are strengthening our ability to serve our clients and communities – locally and globally – for generations to come.”

    Government official statements

    New York State Governor Kathy Hochul: “The official opening of JPMorganChase’s new global headquarters does more than add a signature building to Manhattan’s skyline – it reaffirms New York as the world’s financial capital, built on the strength of our workforce and infrastructure. Even better, 270 Park Avenue delivers benefits beyond its four walls, with critical investments to modernize the Grand Central train shed, ensuring safter, faster commutes for hundreds of thousands of New Yorkers. I commend Jamie Dimon and the JPMorganChase Operating Committee for their steadfast commitment to New York and the men and women for making this vision a reality. There is no better place to do business than New York.”

    U.S. Senate Minority Leader Chuck Schumer: “The opening of JPMorganChase’s stunning 270 Park, a spectacular addition Manhattan’s iconic skyline, sends an emphatic message to the world that New York City remains the greatest city on the planet – one where the most brilliant, creative, ambitious, and hardworking people from all around the world come to make their mark. In so doing these employees do so much to create jobs, support countless workers in related industries that power the New York and American economy. I’m excited to see CEO Jamie Dimon put this exclamation point on JPMorganChase’s commitment to New York, and to Gary LaBarbera, Vinnie Alvarez, and all of the union leaders and laborers who made it a reality, not to mention the significant contributions from the City of New York, the MTA and more. In Manhattan, 270 Park will support 10,000 high-skilled employees in good-paying jobs that will have a cascading ripple effect on the entire economic ecosystem of NYC, from the small business owner opening a new café or restaurant to the taxicab driver and fruit stand vendor. Our city is strongest when those with the most invest locally in their community, and 270 Park is a literally shining example of the best version of this. Onward and upward!”

    U.S. Representative Jerry Nadler (NY/12): “JPMorganChase’s new worldwide headquarters right here in Manhattan shows a commitment like no other in our great city. This project spurred thousands of union jobs and billions in economic activity and will continue to contribute to our economy and the economic wellbeing of our entire City, State and region. I welcome the opening of JPMorganChase’s new HQ that will continue to cement New York City as the undisputed financial capital of the world.”

    New York City Mayor Eric Adams: “As the mayor of the greatest city in the world, I am proud to not only celebrate the opening of JPMorganChase’s new global headquarters in Manhattan but their continued investment in New York City and our people. With this world-class building, JPMorganChase will give over 10,000 workers a high-quality home, raise the bar for sustainability, and open even more public space for New Yorkers to enjoy. Four years ago, major employers and office workers were fleeing our city; now, thanks to our administration’s relentless focus on public safety and growing our economy, jobs are at a record high and businesses from start-ups to global titans are opening new offices block by block. This transformation would not be possible without partners like JPMorganChase, who are proving, once again, that New York City is open for business.”

    Manhattan Borough President Mark Levine: “270 Park Avenue was one of the most complicated construction projects in recent memory, including significant transit upgrades. Its completion is a milestone moment for New York City, solidifying Midtown’s comeback post-pandemic as one of world’s leading economic hubs. I congratulate JPMorganChase on this enormous accomplishment and look forward to their solidified role as a major employer in New York City.”

    New York State Senator Liz Krueger: “I am very pleased to see 270 Park – the first new office tower built under the East Midtown Rezoning – open for business. Not only does this building bring brand new Class A office space to East Midtown, but it also demonstrates the viability and the benefits of all-electric construction on a massive scale. Combined with the community benefits realized through the design and the funds resulting from air rights transfers, this project is a big win for Manhattan.”

    New York State Senator Brad Hoylman-Sigal: “JPMorganChase has reaffirmed Manhattan’s position as the international capital of finance with their soaring, state-of-the-art global headquarters location at 270 Park Avenue. In addition to being the new home for over 10,000 employees, this gleaming new tower is an enormous boost to the local economy, having created 8,000 construction jobs from 40 local unions and triggering additional economic activity of $2.6 billion for New York City and $3.6 billion for New York State overall. I’m grateful to the leadership of JPMorganChase, the Building and Construction Trades Council of Greater New York, and my partners in government for their help making this project possible.”

    New York State Assemblymember Alex Bores: “Today’s ribbon cutting at 270 Park Avenue honors the New Yorkers who built it. This project showcases the ingenuity and creativity that keep New York City leading the way in building the future. Thank you to the more than 8,000 union tradespeople across 40 local unions who made it possible.”

    New York City Councilmember Keith Powers: “The new headquarters of JPMorganChase in the heart of my district will be a massive economic driver in New York City. The building is leading the way on sustainability and public space, and provides an example for future commercial development. I’m thrilled to see it open today, and to welcome the 10,000 employees who will now be spending their workdays in my district.”

    Gary LaBarbera, President of the Building and Construction Trades Council of Greater New York: “The grand opening of JPMorganChase’s global headquarters represents an impeccable milestone for New York City and the tradesmen and tradeswomen who benefitted from the union construction careers this project created. Now, thousands of hardworking New Yorkers have been granted the opportunity to pursue the middle class and support their families, all while acting as a driving force behind this historical investment in our city and the economic stimulus it will create. We congratulate JPMorganChase on their new home at 270 Park Avenue and commend our highly-skilled members who played a pivotal role in getting this modern, cutting-edge, best-in-class, building across the finish line.”

    Project partner statements

    Norman Foster, Founder and Executive Chairman, Foster + Partners: “This new all electric tower is hydro powered to minimize its carbon footprint. The unique cantilevered structure, clad in bronze, delivers two and a half times the amount of public space at the base, including a garden, than its predecessor. The unparalleled range of venues and leisure activities, couple to tall spaces with generous natural light and high levels of fresh filtered air (twice that of building codes) combine to set new standards of wellbeing. It is the workplace of the future designed for today.”

    Rob Speyer, CEO of Tishman Speyer: “Since day one, Jamie Dimon and his leadership team have demonstrated an unwavering commitment to developing the greatest office tower in the world. Every element of the building was crafted with JPMorganChase’s clients and people in mind. 270 Park is a building all New Yorkers can be proud of.”

    John Kovacs, Chief Operating Officer, AECOM Tishman: “We are honored to have been entrusted by JPMorganChase to build their awe-inspiring new headquarters at 270 Park Avenue. The sheer complexity of this project, from its all-electric infrastructure to its intricate structural system to its remarkable amenities and green spaces, showcases the creativity and capabilities of the entire design and construction team, as well as the thousands of skilled tradespeople who helped take 270 Park Avenue from concept to reality. Throughout our 127-year history, AECOM Tishman has built numerous projects that have shaped the New York City skyline, and we are thankful to JPMorganChase for allowing us to continue that tradition and for making this investment in New York’s future.”

    Rocco Giannetti, Regional Managing Principal, Gensler: “New York City is a magnetic city, and the new JPMorgan Chase headquarters at 270 Park emphasizes the magnitude of excellence that pulls people and leading companies to Manhattan and keeps them here. Gensler is pleased to have contributed to the design and execution of the dynamic and multifaceted workplace, client centers, and amenities of the headquarters, where prioritizing social, functional, and restorative spaces will serve JPMorganChase’s employees and clients for decades to come.”

    Walter Mehl, Managing Partner, JB&B: “The JPMorganChase Tower at 270 Park Avenue is one of the greatest accomplishments of our time: the construction of a 60-story state-of-the-art skyscraper that, once completed, will be New York City’s largest all-electric building. With its net-zero operational emissions, unsurpassed indoor air quality, and 21st century infrastructure, the building not only radically reimagines the urban workplace but also represents a quantum leap in the evolution of design and engineering. The JB&B team was honored to be part of this historic building, reaching new heights in sustainability and electrification, and truly engineering the building of the future.”

    About JPMorganChase

    JPMorganChase serves more than 4 million New York City consumers and small businesses through 290 Chase branches across all five boroughs, with nearly 40 branches offering free workshops, skills training, and support for small businesses. Since 2019, the firm has contributed more than $123 million to local nonprofits, helping address housing affordability, supporting small businesses, and creating jobs.

    To learn more about JPMorganChase’s impact in New York City, please visit: https://www.jpmorganchase.com/communities/new-york

    JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.6 trillion in assets and $360 billion in stockholders’ equity as of September 30, 2025. 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.

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  • A (provisionally) more flexible approach? CMA consults on revised merger remedies guidance

    A (provisionally) more flexible approach? CMA consults on revised merger remedies guidance

    The CMA’s merger remedies guidance plays a key role in determining whether transactions that raise antitrust concerns can be allowed to proceed on the basis of commitments offered by the merging parties. As such, the consultation and Draft Guidance is an important step in wide-ranging ongoing reforms to the UK merger control process, to implement the CMA’s “4Ps” agenda.  This seeks to encourage “pace, predictability, proportionality and process” across the CMA’s portfolio of work.

    The overall message of the consultation will be welcome to parties involved in M&A activity. The CMA stresses that, in transactions raising antitrust concerns, it wants to work constructively with businesses to identify as quickly as possible whether there is an effective and proportionate remedy that will enable them to get on with implementing the transaction and running their businesses. 

    The consultation and Draft Guidance include a number of changes that should contribute to this objective.  However, much will depend on how any final revised guidance is applied in practice, as well as the outcome of future consideration of the CMA’s approach to efficiencies. 

    We contributed to the earlier review (our response is here) and will be submitting a response to the current consultation.  In the meantime, we summarise below five key (provisional) takeaways for merging parties.

    1. Behavioural remedies are more likely to make the grade 

    The CMA retains its current position that structural divestments are more likely to be effective in addressing concerns than behavioural remedies (under which merger parties make commitments as to their future behaviour, rather than selling a business).   However, the Draft Guidance shows a clear softening in the CMA’s stance towards behavioural remedies.

    Under the proposals, the CMA is now more likely to accept behavioural fixes in wider range of circumstances. Previously, the CMA’s guidance envisaged accepting such remedies only where: antitrust concerns had a limited duration; the remedies would preserve substantial “relevant customer benefits” (see below); and/or a structural remedy is not feasible. Now, the CMA proposes that it is more likely to accept such remedies where:

    • The remedy has a limited duration.
    • There is an industry regulator that can monitor and enforce the commitments, or the parties appoint a monitoring trustee to fulfil this role.
    • The market is transparent (enabling customers, rivals and suppliers to identify and report non-compliance) or sufficiently mature and stable (meaning less risk that the remedy becomes ineffective).
    • The remedy aligns with existing commercial practices/norms.

    In a further welcome move, the CMA will remove its presumption against behavioural remedies being accepted at phase 1.  However, this comes with the important qualification that they will still need to meet a demanding “clear-cut” standard, which the CMA considers is more likely to be met by structural remedies.

    2. Remedies can be used to lock-in pro-competitive efficiencies 

    The CMA acknowledges that some parties may claim that a merger will result in efficiencies that strengthen competition in the relevant market. However, there may be doubts as to whether they will deliver these efficiencies in full. The Draft Guidance describes how remedies can be used to secure the parties’ efficiency commitments. 

    This proposed change reflects the CMA’s experience in Vodafone/Three, where the central plank of the remedies it accepted was a commitment by the merging parties to deliver their network investment plans (which the CMA considered could enhance competition but doubted would be delivered in full).   

    It signals a thawing of the authority’s approach to assessing rivalry-enhancing efficiency claims in merger reviews. However, the Draft Guidance only covers the interaction between merger remedies and efficiency claims—the CMA says it will consider its substantive approach to efficiencies more generally in due course. 

    3. Customer benefits may impact remedy choice and design

    Relevant customer benefits take the form of lower prices, higher quality, greater choice or increased innovation. They can result from a merger but do not necessarily need to be achieved through increased competition in the markets where the antitrust concerns arise. The bar for proving them is high, and they have been rarely accepted by the CMA. 

    While not proposing to lower the evidentiary burden, the CMA aims to clarify how remedies can be selected (or even modified) to ensure that any customer benefits are preserved.

    4. Complex divestments might be possible with clear evidence and risk mitigation measures

    Divestment of an existing business will remain preferable to a carve-out divestment (i.e., the sale of part of a business or collection of assets) or other complex structural remedies such as an IP divestiture. 

    But the Draft Guidance gives parties more clarity around the types of evidence it will take into account when assessing carve-out remedies and the ways in which the risks of complex divestments can be mitigated. These include use of upfront buyers, divestiture/monitoring trustees, or a “fall-back remedy” for situations where the complex divestment is unsuccessful.

    In another significant move, the CMA is proposing to clarify its stance on divestments in transactions involving local markets at phase 1.

    In these cases, the CMA often sets a threshold or “decision rule” for when antitrust concerns arise, e.g., by using a “filter” to assess competition around specific locations and an appropriate intervention threshold (such as market share).

    The CMA is clarifying that, at phase 1, it may be enough for the merged entity to divest sites to bring it below the intervention threshold—even if this does not eliminate the entire local overlap (which was an approach that could lead to a far higher number of local divestments at phase 1). The CMA will require robust evidence to show that such divestments will be effective but, if demonstrated, this could bridge the often-significant delta in number of local divestments required to solve antitrust concerns at phase 1, saving parties from a lengthy phase 2 process.

    5. Early engagement with the CMA increases the chance of acceptance (and a monitoring trustee/industry expert might help)

    The CMA has already proposed and is currently finalising improvements to its merger review processes to implement its 4Ps framework. But it plans to do more—especially at phase 1—to enhance the remedies process. 

    Most of these changes are designed to encourage and facilitate early discussion of remedies, with the CMA explicitly noting that the earlier parties start engaging with the CMA on remedies, the more likely it is that the phase 1 standard for acceptance of remedies will be met. The CMA signals that it will be open to early “without prejudice” discussions during phase 1 (even in pre-notification) and at the early stages of phase 2.   

    The CMA also encourages (but notes it cannot require) merging parties to consider appointing a monitoring trustee or industry expert to assist with remedy discussions. Parties would need to balance the cost of this against the possible benefits—the CMA suggests it could help its assessment of the remedy proposal, give additional comfort that the commitments will be effective, and enable a quicker decision. 

    Other changes are afoot 

    As noted above, the proposed changes form part of a wider programme of work. This arguably involves the most significant shift in UK merger control policy since the CMA was created. Some other key developments:   

    • New timing KPIs for pre-notification and straightforward phase 1 reviews, as well as other proposed changes to the phase 1 process, aimed at increasing pace and boosting engagement between the CMA and merging parties.
    • Proposals to clarify aspects of how the CMA will apply the “material influence” and “share of supply” jurisdictional tests. These concepts are notoriously expansive, giving the CMA very broad jurisdictional reach, and have faced heavy criticism. Government proposals on possible legislative revisions are also expected.
    • A push—following the Government’s “strategic steer” to the CMA—to  de-prioritise global deals that concern global markets (with no UK-specific impact) and where action by non-UK regulators can be expected to address any issues arising in markets in the UK.
    • A discussion paper on “scale-ups”, exploring how competition policy can help (and not hinder) UK start-ups from becoming “superstar firms” competing in global markets (a focus of UK government industrial strategy). This raises a number of potential ideas, ranging from relatively straightforward measures the CMA itself could take (like further guidance on beneficial collaboration between businesses in compliance with competition law) through to radical measures requiring government intervention (such as factoring the nationality of an acquirer into a review in certain circumstances and/or allowing the government to trigger a review screening deals for their impact on the UK’s strategic resilience).

    Beyond the UK: a similar shift?

    The CMA does not stand alone in signalling a more permissive approach to merger remedies.   

    As we discussed in our recent alert, the U.S. antitrust agencies are also embracing a more pragmatic, transparent and flexible stance, moving away from the de facto “no remedies” approach under the Biden administration.

    The merger remedies landscape is evolving rapidly.  We can help you navigate it and will keep you updated as approaches crystalise in the UK and elsewhere.  

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