2023 Winter Issue - 36

John Means, partner with McKinsey & Company, interviews David Arena, head of global real estate and managing director for
JPMorgan Chase, during a concurrent session titled " Fireside Chat on JPMorgan Chase's New Headquarters: Creating the Future
of Work. " Construction of the new headquarters required tearing down an older building. It marked the biggest demolition of a
previous facility in New York City history.
JPMorgan Chase has been based in New York
City for a couple of centuries.
" It is our home, and we're doing it at a time
where we're at the end of a pandemic, but we
did a lot of this work in the beginning and the
middle of a pandemic at a time when people
were not sure whether cities would be back-
maybe some of you are still not sure-when
there was no one in Manhattan, " Arena said.
" So, it's in a way saying to the community,
we've been here 200 years; we're going to be
here another 200 years-or at least we plan
to-and so I think it makes a statement for the
community. "
Betting on the Future
The company has nearly 300,000 employees
worldwide. In addition, JPMorgan has more
than 7,000 properties globally, accounting for
more than 75 million square feet (7 million sq
m) of space. To construct the new headquarters
required tearing down an older building.
It marked the biggest demolition of a previous
facility in New York City history.
Despite the investment, Arena said the
company is aware that the COVID-19 pandemic
has ushered in more remote working
than ever before and concedes that there
are employees who prefer a hybrid schedule,
including corporate attorneys and people who
work in finance and human resources. Still,
34
URBAN LAND
WINTER 2023
Arena said many workers are coming back to
the office.
" For us, we think people are better
together, and it doesn't take much to believe
that, " Arena said. " All you have to do is ask
yourselves, why are you here today? Why are
you here and not watching this on Zoom?
Because you're better together. You make relationships
together. If you're young, you learn
your craft together. If you're old, you're a role
model together. So people are better together,
and we're committed to it. "
JPMorgan Chase is also focusing on experiences
at its new headquarters. To aid in its
efforts, the company is enlisting some heavy
hitters, including restaurateur and hospitality
expert Daniel Meyer, who Arena said is
suggesting using the element of surprise for
employees to create " a sense of wonder when
they come to the office. "
Healthier Buildings
Alternative medicine guru Deepak Chopra
has also been hired to help the building
achieve its wellness goals as has Dr. Joseph
Allen, associate professor and director of the
Healthy Buildings program at the Harvard T.H.
Chan School of Public Health. The headquarters
will include 40 percent more outside air
and a focus on sustainability and hospitality.
" We have lots of things that are engineered
into the building that will give you a sense
of wellness, a sense of wonder, a sense of
belonging, and that's how we think we're
going to get people back, and we're going to
make them more productive, and we're going
to make more money for shareholders, "
Arena said.
The new headquarters will offer a variety of
seating options for employees and collaborative
areas. An art collection is planned among
the offerings, as well as 24/7 air-quality monitoring.
The company is also experimenting
with hologram machines, which Arena sees as
advantageous to the company mission.
JPMorgan is also testing other technology
in a lab with " pie-in-the-sky things in there, "
according to Arena. This includes augmented
reality and virtual reality, and other projects
with its own technologists as well as those
from Microsoft because that firm is ahead in
the field, Arena said. Video, data visualization,
history, and art are also tested in the lab.
" Jamie [Dimon, former chairman and CEO of
JPMorgan Chaise] was clear when we built this
building, and when we invest in any capital:
don't take a lot of wild chances, " Arena said.
The new headquarters is scheduled to open in
about two years.
KAREN JORDAN is a freelance journalist, filmmaker, and author
based in Los Angeles.
ALTAMIRA

2023 Winter Issue

Table of Contents for the Digital Edition of 2023 Winter Issue